Billionaire Ajay Piramal says he will step down from Shriram Capital

Ajay Piramal, who was named chairman of unlisted Shriram Capital in 2014, is exiting the Chennai-based group after failing to consolidate his holdings into a non-banking financial behemoth.

Ajay Piramal said he plans to resign as chairman of Shriram Capital Ltd., the Indian non-bank finance company backed by South Africa’s Sanlam Group, as he works to sell his stake in Shriram’s parent group.

“I will step down in due course as I do not have much role in Shriram Capital,” Piramal said in a recent interview in Mumbai. He declined to share details.

Piramal, who was named chairman of unlisted Shriram Capital in 2014, is exiting the Chennai-based group after failing to consolidate his holdings into a non-banking financial behemoth amid a cash crunch in India’s financial system.