Piramal Enterprises will increase the foothold in the financial services sector
Mumbai: Piramal Enterprises Ltd has agreed to buy a 20 per cent stake in unlisted Shriram Capital Ltd for 20.14 billion rupees ($334 million), increasing its foothold in the financial services sector.
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 percent stake in Shriram Transport. Piramal also agreed to sell its 11 percent stake in the Indian unit of Vodafone Group Plc to the British group for 89 billion rupees ($1.48 billion).
( Source : reuters )
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