Fri Aug 17, 2012 1:45pm IST–Piramal Enterprises Ltd, till recently known as Piramal Healthcare, is quickly expanding its business interests outside the healthcare and pharmaceutical space. The flagship of Ajay Piramal-led group has picked up 27.83 per cent stake in Bluebird Aero Systems Ltd, an Israel-based unmanned air systems manufacturer, for $7 million or Rs 38.47 crore.
The investment from Piramal would value Bluebird (which may bid for contracts in India) at a little over $25 million or Rs 138 crore.
The investment was disclosed by Piramal Enterprises in its quarterly results on Tuesday. The company has been looking at new business segments since the sale of its domestic formulations business to Abbott Laboratories for $3.7 billion in 2010.
Last year, Piramal Enterprises got shareholders’ approval to invest across seven different sectors – financial services, insurance, security systems & technology, infrastructure and real estate development, engineering including EPC, information technology and packaging business.
Shares of the firm closed at Rs 529.7 a unit on Tuesday, down 1.91 per cent in a Mumbai market up 0.54 per cent.
Set up by former officers and engineers of Israel Defense Forces (IDF), Bluebird is involved in the design, development and production of tactical unmanned aerial systems (UAS) and peripheral equipment. Its products are used by the military, homeland security and civilian institutions. Bluebird also has an agreement with Bangalore’s Dynamatic Technologies Ltd for the manufacturing, assembly and marketing of mini and micro tactical unmanned aerial vehicles (UAVs) in India.
According to earlier media reports, the group has set up Piramal Systems and Technologies and is in talks to acquire Global Technical Systems, a US-based surveillance technology developer.
Piramal Enterprises has also increased its shareholding in Indiareit Investment Management Company and Oxygen Bio Research Pvt Ltd.
It has picked up the remaining 6 per cent stake in Indiareit, which manages offshore real estate funds focused on India, for Rs 6.9 crore. The deal makes Indiareit a wholly owned subsidiary of Piramal Enterprises…Read More>>