Piramal Group's subsidary invests Rs 6 bn in Annapurna Finance

15 May 2024 CW Team

Piramal Alternatives, the fund management arm of the Piramal Group, has made a significant investment in Annapurna Finance Private Limited, amounting to Rs billion. This investment includes Rs 3 billion to acquire a 9.85% stake in Annapurna through a secondary purchase of shares, along with an additional Rs 3 million for subscribing to Annapurna's optionally convertible debenture. ?The deal involved a combination of secondary purchase of shares and providing Tier-II capital. The structured capital solution will help fuel the risk-calibrated growth of the company's assets under management?, commented a representative of Piramal Alternatives ? a wholly-owned subsidiary of Piramal Enterprises. Annapurna Finance, headquartered in Bhubaneswar, is a prominent Non-Banking Financial Company (NBFC) with a strong focus on microfinance. Last year, the company applied for a universal bank license from the Reserve Bank of India. As of March 31, 2024, Annapurna Finance boasts assets under management exceeding $1.25 billion, operating through 1,372 branches across 20 states, covering nearly 450 districts. ?The growth capital from Piramal Alternatives will provide the necessary ammunition for business diversification and help consolidate our leadership position in key markets,? said Gobinda Chandra Pattanaik, MD & CEO, Annapurna Finance Private Limited. Unitus Capital served as the exclusive financial advisor to Annapurna Finance for this transaction. Apart from microfinance, Annapurna Finance also extends secured and unsecured loans to micro, small, and medium-sized enterprises (MSMEs). The company enjoys backing from prestigious domestic and international investors, including Nuveen Global Impact, Oman India Joint Investment Fund, and the Asian Development Bank, among others.

(Source: Business Standard)

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..