MUMBAI, DEC 6, 2022
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.
Shriram Finance will be a diversified player with a robust net worth of Rs 40,900 crore and Assets under Management (AUM) of Rs 1,71,000 crore, 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 will serve as Executive Vice Chairman of the merged entity, the company said in a release.
Commenting on the merger, Revankar said, “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 and CEO of Shriram Finance said, “The timing of the merger is brilliant. As India is growing, we are seeing robust demand for credit among MSMEs.”
The company further announced the appointment of Jugal Kishor Mohapatra as Chairman of the Company and Maya Sinha as an Independent Director.