Piramal Enterprises Merger Approved, Anand Piramal Named Chairman

The Indian government's NCLT has allowed Piramal Enterprises Ltd to merge with its subsidiary, Piramal Finance Ltd.

This means the two companies will become one.

Following the merger, Anand Piramal will become chairman of Piramal Finance.

Ajay Piramal, the current chairman, will remain chairman of the broader Piramal Group.

Jairam Sridharan, who led the retail business, will be the boss of the merged company.

The merged company manages a lot of money and makes loans to lots of people.