MUMBAI 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)
Trending On Reuters
State Bank of India, the nation's top lender by assets, reported a better-than-expected 23 percent increase in quarterly profit and a lower bad loan ratio, sending its shares more than 5 percent higher. Full Article | Full Coverage
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article