I am also not sure if AIF is part of PEL. From 2020 Annual Report here are other subsidiaries of PEL. Based on it, I would assume that PEL will consolidate all of these into one asset management company (my assumption).
India Resurgence ARC Private Limited is a 50:50 joint venture between the Company and Bain Capital Credit India Investments (a company existing under the laws of the Republic of Mauritius). The share of loss of India Resurgence ARC Private Limited considered in consolidation for FY 2020 amounts to C 2.35 crores.
India Resurgence Asset Management Business Private Limited is a 50:50 joint venture between the Company and Bain Capital Credit India Investments (a company existing under the laws of the Republic of Mauritius). There has been no share of profit/loss recognised for India Resurgence Asset Management Business Private Limited during the FY 2020.
However, Piramal has received around $1 billion from selling Piramal Glass, so I won’t be surprised it they start AIF outside the purview of PEL.