Shriram Transport Finance Company (STFC), India’s largest financier of business automobiles, and Shriram City Union Finance, the largest two-wheeler financer, have been merged to type Shriram Finance.
Shriram Finance might be India’s largest retail-focused non-banking monetary firm, mentioned the Shriram Group on Monday. Shriram Finance might be a diversified participant with a web price of Rs 40,900 crore, belongings below administration (AUM) of Rs 1,71,000 crore and greater than 6.7 million clients. The firm mentioned it’s going to serve the self-employed and the micro, small and medium enterprises (MSME).
Umesh Revankar, a Shriram Group veteran, is government vice chairman of the merged entity. “It is the pure fruits of a journey of 43 years. With the stability sheet strengthened by the merger, we will serve the wants of the market higher than ever earlier than. As a customer-focused firm, we will deliver extra merchandise and help them with entry to credit score sooner. We are trying ahead to an thrilling part of sustained double-digit progress,” said Revankar.
“The timing of the merger is brilliant. As India is growing, we are seeing robust demand for credit among MSMEs. We are always close to the market with our over 3600 locations. All our business segments–financing commercial vehicles, MSMEs, personal loans, gold loans, or vehicle loans–are poised to grow,” mentioned YS Chakravarti, managing director and chief government officer of Shriram Finance.
Shriram Finance introduced the appointment of Jugal Kishor Mohapatra as the corporate’s chairman and Maya Sinha as an unbiased director. The Shriram Group was based in 1979 and it has greater than 57,000 staff.
Last week, STFC mentioned in a regulatory submitting that it had modified its title to Shriram Finance on November 30. On November 23, the group introduced that Shriram Financial Ventures (Chennai) (SFVPL), which was the holding firm of Shriram Capital (SCL ), would be the new group holding firm. SFVPL is collectively owned by Shriram Ownership Trust (SOT) and the Sanlam Group of South Africa.