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HindustanTimes Thu,28 Aug 2014

Piramal to buy 20% stake in Shriram Capital for $334 million

Reuters  Mumbai, April 17, 2014
First Published: 09:57 IST(17/4/2014) | Last Updated: 10:34 IST(17/4/2014)

Piramal Enterprises Ltd said it agreed to buy a 20% stake in unlisted Shriram Capital Ltd for Rs. 20.14 billion ($334 million), increasing its foothold in the financial services sector.

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Shriram Capital is the holding company for the Chennai-based Shriram Group, which controls Shriram Transport Finance Co Ltd and Shriram City Union Finance.

US-private equity firm TPG Capital holds a minority stake in Shriram Capital. Piramal last year bought a 9.9% stake in Shriram Transport.

Earlier this month, Piramal agreed to sell its 11% stake in the Indian unit of Vodafone Group Plc to the British group for Rs. 89 billion ($1.48 billion).


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