Peerless to exit insurance distribution, focuses on expanding hospital biz

Kolkata: The Peerless Group, once a household name in financial savings, has decided to sell its financial product distribution subsidiary, while it is expanding its footprint in the healthcare sector.

The group has identified a buyer for the Peerless Financial Product Distribution while Peerless board has approved the sale, said Jayanta Roy, managing director of Peerless General Finance & Investment Company (PGFI), the holding entity of the Kolkata-based group.

The distribution company earned a revenue of Rs 22 crore in FY24, which was about 3% of the group's total revenue of Rs 812 crore. PGFI, which handles the group's treasury, earned Rs 286 crore revenue, while Peerless Hospital's revenue stood at Rs 362 crore.


"The hospital business will be the group's one of the main focuses going forward," chairman Partha Sarathi Bhattacharyya told ET. Peerless acquired a hospital in Guwahati for Rs 150 crore in July while it is expanding the existing facility in Kolkata.

Earlier, the group had to exit the small savings mobilisation as well as lending businesses following the Reserve Bank of India's direction.

"We are now re-building the group as a multi business conglomerate from a small savings company. It's the 21st century Peerless," Jayanta Roy said.

The family-run enterprise is in the process of investing about Rs 1100 crore across business lines including real estate.

"Above investments will have significant funding costs and depreciation, thereby may impact near-term profits, but will enable future growth," said PGFI director Supriyo Sinha.