Piramal Capital and Housing Finance is looking to make buyouts worth $600 million from housing finance companies and non-banking finance companies in this fiscal year along with partners like Goldman Sachs and CPPIB, reported The Economic Times.

“The sale of its investment in Shriram has created additional liquidity pool the company can leverage for M&A and portfolio buyout opportunities… Piramal, along with CPPIB and Goldman Sachs, is looking to buy portfolios of NBFCs to the tune of $500 million to $600 million,” a source was quoted as saying in the report.

The group, the report said, is looking to buy stake in DHFL and Altico, which is backed by Clearwater and Varde Partners. The development comes at a time when Piramal has exited from some part of the Shriram Group and is in the process of exiting the rest.

While Piramal did not respond to ET, a Citibank report said that proceeds from the sale could be used to either capitalize its lending business.

Since September 2018, the company has improved its borrowing mix toward long-term sources of funds. As per the report, the company has reduced exposure to commercial papers and also there has been a significant rise in the proportion of bank borrowings.