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

Mumbai: Piramal Enterprises Ltd said it agreed to buy a 20 percent stake in unlisted Shriram Capital Ltd for 20.14 billion rupees (USD 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. U.S-private equity firm TPG Capital holds a minority stake in Shriram Capital. Piramal last year bought a 9.9 percent stake in Shriram Transport.

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

PTI