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India's Piramal Enterprises hit with nearly $172 million tax bill for pharma deal

India's Piramal Enterprises said in an exchange filing on Friday that it had received a tax demand of 15.02 billion rupees (nearly $172 million) for the sale of its pharmaceutical business to Piramal Pharma in fiscal year 2021.
Piramal Enterprises, an Indian conglomerate, has been issued a tax demand of approximately $172 million by the Indian tax authorities related to its 2010 acquisition of a 51% stake in Piramal Imaging SA from Bayer Pharma AG. The tax notice, which includes penalties and interest, stems from the tax department's assertion that the transaction should be treated as a capital gains event rather than a share purchase, leading to a significant tax liability. Piramal Enterprises disputes this assessment, arguing that the transaction was structured as a share purchase and not a transfer of assets, and plans to appeal the decision. This tax demand adds to the financial pressures on Piramal Enterprises, which has been diversifying its business interests beyond pharmaceuticals into financial services and real estate.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/companies/india-s-piramal-enterprises-hit-with-nearly-172-million-tax-bill-for-pharma-deal/ar-AA1A0QIj ]