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Shriram Group may take over Vishal's retail arm

The Chennai-based Shriram Group is likely to take over the cash-strapped front-end retail company of Vishal Retail Ltd (VRL), after leading private equity investor Texas Pacific Group (TPG) takes charge of its wholesale division. This will be subject to approval from all stakeholders and regulators. Three persons involved in the transaction said an associate company of Shriram Trust was likely to be the vehicle for this initiative. Shriram Trust owns 100 per cent of Shriram Capital, the group’s holding company. It will also mark entry of the Shriram Group in multi-brand retailing. ...