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Ajay Piramal said he plans to resign as Chairman of Shriram Capital Ltd., the non-bank finance company backed by South Africa’s Sanlam Group, as he works to sell his stake in Shriram’s parent group.
“I will step down in due course as I do not have much role in Shriram Capital,” Piramal said in a recent interview in Mumbai. He declined to share details.
Piramal, who was named chairman of unlisted Shriram Capital in 2014, is exiting the Chennai-based group after failing to consolidate his holdings into a non-banking financial behemoth amid a cash crunch in India’s financial system. He is now planning two funds to invest in embattled realty projects and lend to retail borrowers after announcing a $770=million capital raise.
The Shriram Group is urging Piramal to continue as chairman even if he doesn’t hold any shares, founder R Thyagarajan said by phone.
Piramal Enterprises Ltd sold its 10 per cent stake in truck financier Shriram Transport Finance Co. in June and has started the process to sell its 20 per cent in Shriram Capital.
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