The Piramals have said in a media statement that reports suggesting that the Piramal family is heading for a split are 'completely wrong and baseless.'
The media statement from the Piramals said: "Ajay G Piramal has been the chairman of Piramal Enterprises Limited since 1984. He has also been the chairman of the companies of the Piramal Group and he continues to occupy that position."
"Urvi A Piramal is the vice chairperson of PEL and also on the Board of Nicholas Piramal India Limited and Gujarat Glass (P) Limited, in addition to other companies of PEL. She continues to occupy these positions. The members of the Piramal family continue to hold shares in various companies in the Piramal Group," the statement added.
"All the businesses of Piramal Group are in high growth areas. The new patent regime starting January 1, 2005 has unleashed opportunities in the globalised pharma world. In preparation for that, NPIL has set up a new world-class R&D facility which was inaugurated by the President of India on November 18, 2004," the statement, signed by Ajay Piramal and Irvi Piramal, went on to say.
"NPIL has recently announced the acquisition of Inhalation Anaesthetics business of Rhodia Organique Fine Limited, UK. Similarly, with the dismantling of the quota regime and the multi fibre agreement (MFA), new opportunities have emerged in the textile sector," the statement said.
"Morarjee Textiles is very well poised to capitalise on the same. India has a significant global advantage in the manufacturing arena and Gujarat Glass and the auto component businesses are well positioned to leverage the same. The group has strengths in real estate and recently developed the commercial complex -- Peninsula Corporate Park at Lower Parel (in Mumbai), and launched the development of a residential project called Ashok Towers at Parel," the media statement said.
"In the fast growing retail business, the group built the first shopping mall Crossroads and has recently opened a mall called CR2 at Nariman Point, besides having a chain of department stores under the brand name PIRAMYD," it said.
The Piramals said that to leverage rising opportunities and to maintain the highest standards of corporate governance, each business has been given individual focus and is run by a strong management team. "This takes care of the interests of all the stake-holders and creates enhanced value for shareholders," the statement said.
A section of the media on Tuesday had reported that the Mumbai-based Piramals were in the process of splitting the group, with a large part of it going to chairman Ajay Piramal and a much smaller portion to his sister-in-law Urvi and her three sons.
Urvi's husband Ashok, the eldest of three brothers, was chairman of the group until he died in 1984. Ajay is the youngest. The third brother, Dilip, the man behind the VIP luggage brand, went his own way many years ago.
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