Piramal Enterprises has entered into a Joint Venture Agreement (JVA) with Bain Capital Credit India Investments, whereby the company proposes to transfer 50% equity shares held in Piramal Assets Reconstruction (PARPL), a wholly owned subsidiary of the company, to Bain Capital Credit India Investments.

On completion of transfer of equity shares, PARPL proposes to apply to RBI for registration to carry on asset reconstruction business. Pursuant to this, PARPL shall cease to be a subsidiary of the company.

Shares of the company gained Rs 13.3, or 0.45%, to trade at Rs 2,968.00. The total volume of shares traded was 158 at the BSE (9.17 a.m., Thursday).