India: Piramal Enterprises has invested US$38m in Sanghi Industries. The investment has been made through non-convertible debentures to enable Sanghi to repay some of its debts ahead of schedule and reduce interest repayments.
Piramal Enterprises is a diversified international conglomerate that operates in the pharmaceutical, financial services and information management sectors. Sanghi Industries runs a 2.9Mt/yr integrated cement plant in Kutch, Gujarat.