Billionaire Ajay Piramal's Conglomerate Wins Bid For Bankrupt Shadow Lender DHFC

Monday, 18 January 2021Newsdesk

Billionaire Ajay Piramal's conglomerate won bidding for bankrupt Indian shadow lender Dewan Housing Finance Corporation, advancing a keenly watched insolvency that's been a test of the country's bankruptcy system.

New Delhi, 18 January 2021

As per news report of NDTV, a resolution plan for Dewan from Piramal Enterprises' own shadow bank, Piramal Capital & Housing Finance was approved by Dewan's committee of creditors in a vote on Friday, according to a statement Sunday. People familiar with the matter had said Friday that Piramal received almost 94 per cent of the votes, while rival Oaktree Capital got less than half.

Source -NDTV