Piramal Group, a diversified global business conglomerate, completed the acquisition of Dewan Housing Finance, a deposit-taking housing finance company, for $4.7bn. For Piramal, taking over rival Dewan would help the conglomerate double down on its real estate-focused shadow banking business. The development also brings some resolution to a key case in the country's insolvency system, where high profile cases have at times lingered on for years. Dewan was put into an insolvency process after it was seized by the central bank in a shock move in late 2019.