Ajay Piramal-led Piramal Enterprises Ltd (PEL) on Tuesday said it has received licence from the Reserve Bank of India (RBI) to launch a non-banking finance company (NBFC).

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However, Piramal Enterprises can't accept public deposits from the public, the company informed exchanges.

The company said, "...we wish to now inform you that the Reserve Bank of India under Section 45 IA of the Reserve Bank of India Act, 1934, has granted Certificate of Registration to the company to commence the business of non-banking financial institution without accepting public deposits. The said license was received by the company today i.e. 26th July, 2022."

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Back in 2021, the company made an application to the Reserve Bank of India for an NBFC license.

Last year, the Piramal Enterprises board approved the demerger of its pharmaceuticals business and simplification of the corporate structure to create two listed entities in financial services and pharmaceuticals.

Shares of Piramal Enterprises Ltd ended at Rs 1,756.05, down by Rs 37.85, or 2.11 percent on the BSE.

First Published:Jul 26, 2022 9:50 PM IST