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Shriram Financial Ventures (Chennai) Private Limited will become the promoter and holding company for the lending and insurance companies of Shriram Group, following the merger of Shriram Capital with Shriram Transport Finance.
Shriram Capital was the holding company for Shriram Group and Shriram City Union Finance, whereas Shriram Financial Ventures was the holding company of Shriram Capital.
Shriram Financial Ventures is jointly owned by Shriram Ownership Trust and Sanlam Group of South Africa.
DV Ravi, MD of Shriram Ownership Trust will be the vice-chairman and MD of Shiram Financial Ventures.
“At a Group level, we have completed a comprehensive exercise of simplifying the corporate structure and businesses under SFVPL, will now be focusing on facilitating the growth in the NBFC and insurance space and also evaluate emerging opportunities and new initiatives in these domains,” he said.
On November, Shriram Group received its final nod from the NCLT for the three-way merger of Shriram Capital and Shriram City Union Finance with Shriram Transport Finance, to create a combined entity called Shriram Finance.
businessline had then reported that the merged entity Shriram Finance is likely to be set up by November 25, and shares of the entity will be listed on the bourses by mid-December. Assets under management of the merged entity are estimated to be ₹1.65 lakh crore.
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