Mumbai: As part of its broader expansion and diversification strategy, drug maker Piramal Healthcare Ltd will be renamed Piramal Enterprises Ltd. The company informed the stock exchanges on Monday that its board had approved the proposal to change the name.

A file photo of Ajay Piramal, Chairman of Piramal Healthcare

Mint had earlier reported that the group had sought and received approval from shareholders and other competent authorities to start new businesses including financial services, real estate, security systems and defence.

The Mumbai-based drug maker, led by billionaire Ajay Piramal, has sold key business units over the last couple of years to fund diversification plans.

It sold the domestic formulations business in 2010 to US drug maker Abbott Laboratories for about Rs17,000 crore. Following this, it sold Piramal Diagnostics Services Pvt. Ltd to Delhi-based Super Religare Laboratories Ltd.

Piramal Healthcare though retained its other businesses including contract manufacturing, hospital-based emergency care drugs, over-the-counter drugs and drug research.

As part of its diversification strategy, Piramal Healthcare recently formed a financial services company, Piramal Capital, which lends to real estate and infrastructure projects.

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