NEW DELHI (Reuters) - Shriram Group said on Saturday it has reached agreement to merge some of its financial service businesses with those of IDFC Group.
Shriram Group comprises a number of listed companies including consumer lender Shriram Group City Union Finance and Shriram Transport Finance Company, that provides loans on vehicles and farm equipment.
IDFC Group comprises IDFC Ltd, an infrastructure financier, and IDFC Bank, a full-service bank that started operations in 2015.
The deal remains subject to due diligence checks, approvals by the boards of directors, shareholders, regulators and third parties, Shriram said in a statement to the stock exchange.
Reporting by Aditi Shah; Editing by Greg Mahlich