Post merger, Shriram Finance becomes ‘largest retail NBFC’
The Hindu
CHENNAI
Shriram Transport Finance and Shriram City Union Finance Ltd. have been merged to form Shriram Finance Ltd. Post the merger, Shriram Finance has become the largest retail NBFC in India with a robust networth of ₹40,900 crore and Assets under Management of ₹1,71,000 crore, the company said.
The growth strategy for the company will be focused on driving the self-employed and the MSME economy, Shriram Finance said in a statement.
Jugal Kishor Mohapatra has been named as the chairman and Maya Sinha as independent director.
“As a customer-focused company, we can bring more products and assist them with access to credit faster. We have invested heavily in technology to improve efficiency and customer service levels. We are looking forward to an exciting phase of sustained double-digit growth,” said executive vice chairman Umesh Revankar.
“As India is growing, we are seeing robust demand for credit among MSMEs. We are always close to the market with over 3,600 locations. All our business segments – financing commercial vehicles, MSMEs, personal loans, gold loans, or vehicle loans – are poised to grow,” said MD & CEO Y.S. Chakravarti.
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