Piramal to buy 20 percent stake in Shriram Capital for $334 million
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)
- Tweet this
- Share this
- Digg this
- Google launches new email service dubbed "Inbox"
- Apple CEO says to add 25 stores in China within two years - Sina
- U.S.-led air strikes killed 521 fighters, 32 civilians in Syria - monitor
- Sensex gains in special trading session on Diwali
- Nissan recalling 260,000 vehicles globally with Takata air bags