Piramal Group, a $3 billion diversified conglomerate, has committed to invest more in the U.S. in the coming year, its Chairman said.
“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.
He did not, however, elaborate either on the quantum of investment planned or the time-frame to do that.
Mr. Piramal was speaking at a function organised by Indo-American Chamber of Commerce (IACC) in Mumbai on Tuesday where he was given away the Business Leader (Indian company in the U.S.) of the Year award.
Piramals have 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, which is into mergers and acquisitions (M&A).
Piramal Group started investing in the U.S. a decade ago but the focus increased in 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.