Multi-national business conglomerate Piramal Enterprises on Tuesday said that it plans to incorporate wholly owned subsidiaries to commence businesses of merchant banking and asset management.

According to the company, the decision was taken by its Board of Directors at its meeting held on Monday.

“In line with the company’s growth plans and as part of the financial services business, the Board of Directors has at its meeting held yesterday, approved the proposal to incorporate wholly owned subsidiaries for commencing the businesses of merchant banking for underwriting securities and placing the same with the potential investors…,” the company said in a regulatory filing to the BSE.

“… Investment manager and sponsor of proposed Alternate Investment Fund(s) including schemes launched by the fund(s) in the infrastructure sector, from time to time.”

As per the filing, a ‘Committee of Directors’ has been empowered to the take these proposals forward and “make necessary applications with the Regulators, as required”.