Indian Economy News

Shriram Finance becomes India’s largest NBFC after a merger with 2 group entities

  • IBEF
  • December 6, 2022

Shriram Finance Limited has been established as the largest retail Non-Banking Financial Company (NBFC) in India, post the merger with Shriram Transport Finance Company (the largest financier of commercial vehicles), and Shriram City Union Finance (the largest financier of two-wheelers).

Shriram Finance will possess a net worth of around US$ 5 billion and assets under management (AUM) of around US$ 20 billion. The company has branches and outlets in about 3,600 sites throughout India with over 5,700 employees. Shriram Finance serves more than 6.7 million customers across India and its mission is to be the country’s most preferred financial services destination, along with focusing on the self-employed and small businesses.

“The timing of the merger is brilliant. As India is growing, there is a robust demand for credit among MSMEs. The company is always close to the market with our 3,600+ locations. All our business segments– financing commercial vehicles, MSMEs, Personal Loans, Gold Loans, or Vehicle Loans – are poised to grow”, said Mr. YS Chakravarti, the MD, and CEO of Shriram Finance.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.