MUMBAI (Reuters) - Piramal Enterprises Ltd 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 and Shriram City Union Finance .
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 to the British group for 89 billion rupees ($1.48 billion).
(Reporting by Aradhana Aravindan; Additional reporting by Indulal PM; Editing by Anand Basu)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app