Shriram Transport Finance Company, the largest financier of commercial vehicles, and Shriram City Union Finance, the largest two-wheeler financer and leader in micro, small and medium enterprise (MSME) lending, have been merged to form Shriram Finance Limited (Shriram Finance).
Shriram Finance will be a diversified player with a robust net worth of Rs 40,900 Crs and Assets under Management (AUM) of Rs 1,71,000 Crs, the Company caters to over 6.7 million customers across India. The growth strategy for the Company will be focused on driving the self-employed and the MSME economy.
Umesh Revankar, a long-serving Shriram veteran, will serve as Executive Vice Chairman of the merged entity. Commenting on the merger he said, “It is the natural culmination of a journey of 43 years. With the balance sheet strengthened through the merger, we can serve the needs of the market better than ever before. As a customer-focused company, we can bring more products and assist them with access to credit faster. We have invested heavily in technology to improve efficiency and customer service levels. We are looking forward to an exciting phase of sustained double-digit growth.”
YS Chakravarti, MD & CEO, Shriram Finance commented, “The timing of the merger is brilliant. As India is growing, we are seeing robust demand for credit among MSMEs. We are always close to the market with our 3600+ locations. All our business segments– financing commercial vehicles, MSMEs, Personal Loans, Gold Loans, or Vehicle Loans – are poised to grow.”
Shriram Finance further announced the appointment of Jugal Kishor Mohapatra as Chairman of the Company and Maya Sinha as an Independent Director.