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

MUMBAI Thu Apr 17, 2014 12:14pm IST

Stocks

   

MUMBAI (Reuters) - Piramal Enterprises Ltd(PIRA.NS) said it agreed to buy a 20 percent 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 (SRTR.NS) and Shriram City Union Finance (SHCU.NS).

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 (VOD.L) to the British group for 89 billion rupees ($1.48 billion).

(Reporting by Aradhana Aravindan; Additional reporting by Indulal PM; Editing by Anand Basu)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Reliance Projects

Reliance Projects

Exclusive: Reliance plans $13 billion projects including new refinery.  Full Article 

Pharma Sector

Pharma Sector

In race for bigger margins, drug makers willing to lose the India "advantage".  Full Article 

Low Stocks

Low Stocks

Indian power station coal stocks lowest since 2012 blackouts.  Full Article 

Markets This Month

Markets This Month

Tata Motors, M&M top Sensex gainers  Full Article 

Google Drones

Google Drones

Google is testing unmanned drones to deliver anything from dog food to medicine.  Video 

#RiceBucketChallenge

#RiceBucketChallenge

In India, rice replaces ice in bucket challenge.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage