Piramal Group keen to increase U.S. investment

The $3 billion diversified conglomerate Piramal Group has committed to invest more in the U.S. in the coming year.

“We have significant presence in the U.S. and have invested over $1 billion, mostly in the last five years. We are keen to expand our business there and invest more in the U.S.,” Ajay Piramal, Chairman, Piramal Group, said.

Mr. Piramal was speaking at a function organised by Indo-American Chamber of Commerce (IACC) in Mumbai on Tuesday where he was awarded the Business Leader (Indian company in the U.S.) of the Year.

He did not elaborate either on the level of investment planned nor expected time frame.

Piramal has invested in diverse industries in the U.S. such as manufacture, sale of specialty glass, anaesthetics, imaging and data analytics.

The Group’s businesses in the U.S. include information data analysis firm Decision Resource Group; glass packaging firm Piramal Glass; healthcare and financial services firm Indus Growth Partners.

Piramal Group began investing in the U.S. a decade ago and the focus has increased during the past five years.

In 2005, the group acquired a specialty glass manufacturing unit under Chapter XI in the U.S., and turned it around since then. In 2009, it acquired two U.S.-based anaesthetics manufacturing facilities.

Meanwhile a division of New York-based private equity firm Warburg Pincus is set to invest $284 million for a minority stake in India-based Piramal Realty, the real estate development arm of Piramal Group.