The Mumbai-based chain of companies was in discussion over a deal that would have resulted in the separation of its housing division and creation of a special entity in venture with SoftBank with the Mayer’s investment of around $1 billion for a significant stake, reported the English Daily.
In its July 15 edition, ET had reported that the deal would possibly happen on one condition if Piramal Group moves away from wholesale loans to consumer lending.
This reportedly emerged as the biggest point of disagreement between the two, forcing the SoftBank Vision Fund’s investment committee to call off the deal.
“The Piramal Group has traditionally been focused on wholesale or corporate loans,” reports the daily, quoting one of the persons close to the deal.
“Shifting almost completely to consumer was not something the leadership was comfortable with,” reported ET.