Piramal Enterprises to acquire a 10.4% stake in Annapurna Finance for $73m.

Piramal Enterprises, a business conglomerate, agreed to acquire a 10.4% stake in Annapurna Finance, a non-banking financial company, for $73m. “Microfinance as a retail asset class has grown at CAGR of 32% over the last decade and expected to continue the high growth trajectory. Further, it serves as a catalyst for economic development and stands as a cornerstone for a nation's growth, fostering financial inclusion and prosperity. A seasoned player like Annapurna having traversed multiple cycles, is well positioned to capture the growth opportunity. Through Piramal Alternatives, we are committed to providing bespoke and value-accretive capital to support Annapurna’s growth aspirations in this promising sector," Kalpesh Kikani, Piramal Alternatives CEO.