- At 24, Ajay Piramal had to step in and take charge of his family’s textile business, Morarjee Textile Mills in Bombay, after his father’s death. The situation became even more challenging when his elder brother decided to part ways, taking with him their most successful venture—luggage maker VIP Industries. As Ajay grappled with these setbacks, another tragedy struck. 👇
- Five years later, his older brother passed away from cancer, leaving Ajay responsible for supporting his brother’s three children as well. Realizing that the textile business wasn’t his true calling, Ajay decided it was time to explore new sectors and establish separate businesses. Thus, in 1984, Piramal Group was born. 🚀
- The strategy was straightforward ⏩ Acquire companies and scale them to new heights. Ajay began by acquiring Gujarat Glass Limited, which produced glass packaging for pharmaceutical and cosmetic products. By 1985, he had grown its turnover to 5 CR, but his big breakthrough came three years later. 👇
- In 1988, when Australian pharmaceutical multinational Nicholas Laboratories was exiting India, they were seeking buyers. Despite receiving hundreds of bids from larger players, it was Ajay’s vision to elevate the company into the top five pharma companies that won out. He acquired Nicholas for 16.5 CR. 💰
- By 1991, Ajay had established a formulation plant at Pithampur in Madhya Pradesh and rebranded the company as “Piramal Healthcare”. With a focus on bulk drugs and expanding marketing efforts in Myanmar, the company’s revenue skyrocketed from 19 CR in 1988 to 441.8 CR within just a decade. 📉
- Ajay continued to drive growth through global acquisitions, including Boehringer Mannheim in 1996 and ICI in 2002. As Piramal Healthcare became one of the top five pharmaceutical companies, NYSE-listed Abbott Labs acquired it in 2010 for 17,100 CR, creating the largest Indian pharma company with a 7% market share. 💪
- Although Ajay had secured the biggest deal of his life, his ambitions were far from fulfilled. In 2012, he launched a privately-owned real estate entity under the Piramal Group. That same year, he acquired HUL’s sea-facing property in Worli, Mumbai, for 452 CR. However, the defining moment for Piramal Realty came three years later. 👇
- In 2015, Piramal Realty raised 2700 CR from private equity giants like Goldman Sachs and Warburg Pincus, marking one of the largest investments in the real estate sector. As the company expanded into housing and capital finance, another private equity leader, Blackstone, acquired his glass business for 7500 CR in 2012. 💵
- Today, Piramal Group boasts a revenue of 14,710 CR with a profit of 1,923.11 CR across its real estate, finance, and pharmaceutical ventures. Meanwhile, Ajay Gopikisan Piramal stands as India’s 56th richest man, with a net worth of 26,560 CR. 💪
➡️ Despite his business successes, the Piramal Foundation continues to make a significant impact, touching the lives of 11.3 CR people across 27 Indian states through initiatives in health, education, and waste management. 🙏