Piramal sets up M&A team for expansion

The company has already acquired Decision Resources, a health information-management company, and a research compound for brain cancer detection from Bayer HealthCare.

Piramal has seven contract manufacturing plants in India, Europe and the US. It is looking to expand its capacity of manufacturing facilities approved by the FDA.

Contract research and manufacturing services, smaller over-the-counter and the critical-care products segments businesses were retained by Piramal when it sold its domestic drug formulations and diagnostic services arms to Abbott for $3.72bn in 2010.

The Piramal is planning to use the fund for scaling up its retained businesses.

Piramal Healthcare is a part of the Ajay Piramal group of companies. The Group is a diversified business house focused on healthcare, glass manufacturing and real estate.