Following the merger, Shriram Financial Ventures (Chennai) Pvt Ltd, which was the holding company of Shriram Capital Ltd, would now become the promoter and holding company of the financial services and insurance businesses of the group
Chennai:
Shriram Capital Ltd, the holding company of the Shriram Group, and Shriram City Union Finance would be merging shortly with Shriram Transport Finance, the company said on Wednesday.
Following the merger, Shriram Financial Ventures (Chennai) Pvt Ltd, which was the holding company of Shriram Capital Ltd, would now become the promoter and holding company of the financial services and insurance businesses of the group.
Shriram Ownership Trust and Sanlam Group, South Africa jointly owns SFVPL, a company statement said here today.
Shriram Capital Ltd Managing Director and the managing trustee of Shriram Ownership Trust D V Ravi, would be the vice-chairman and managing director of the newly-formed SFVPL.
Shriram Capital chief financial officer and executive director Subhasri Sriram, along with Novac Technology Solutions director and CEO N S Nanda Kishore would be the joint managing directors.
Commenting on the development, Ravi said, ”At a group level, we have completed a comprehensive exercise of simplifying the corporate structure and businesses under SFVPL…” The board of Shriram Financial Ventures (Chennai) Pvt Ltd would consist of nominee directors, and whole-time directors, with retired IAS officer K P Krishnan as its independent director and non-executive chairman, the statement said.