November 28, 2022

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Shriram Capital, Shriram City Union Finance Will Merge With Shriram Transport Finance

Shriram Capital, Shriram City Union Finance Will Merge With Shriram Transport Finance

Shriram Capital Limited (SCL), the holding company of the Shriram Group and Shriram City Union Finance will be merging shortly with Shriram Transport Finance. Consequently, Shriram Financial Ventures (Chennai) Private (SFVPL), company said in a press statement.

The company stated that Shriram Financial Ventures, which was the holding company of SCL, will now become the promoter and holding company of the Financial Services and Insurance businesses of the Group.

As per the statement, SFVPL is jointly owned by Shriram Ownership Trust (SOT) and Sanlam Group of South Africa. It will help each of its investee companies in the Group to expand and grow, while continuing to look for newer business opportunities in the Financial Services sector. The primary focus would be to drive growth using both technology and finance.

DV Ravi, the Managing Trustee of SOT, and the erstwhile Managing Director of SCL will be the Vice Chairman and Managing Director of SFVPL.

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Subhasri Sriram, who was the Executive Director and Chief Financial Officer of Shriram Capital, and Mr N S Nanda Kishore Director and CEO of Novac Technology Solutions will be the Joint Managing Directors.
 “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,” said DV Ravi.

The board of SFVPL will comprise of Nominee Directors, Whole Time Directors, and Independent Directors with Dr KP Krishnan (retired IAS Officer), as its Independent Director and Non-Executive Chairman.


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