Shriram Transport Finance Company, the largest financier of commercial vehicles, and Shriram City Union Finance, the largest two-wheeler financer and leader in micro, small and medium enterprise (MSME) lending, have been merged to form Shriram Finance Limited. Shriram Finance will be a diversified player with a robust net worth of Rs 40,900 crore and Assets under Management (AUM) of Rs 1,71,000 crore, the Company caters to over 6.7 million customers across India.
Mr Umesh Revankar, will serve as Executive Vice Chairman of the merged entity. Commenting on the merger he said, “It is the natural culmination of a journey of 43 years. With the balance sheet strengthened through the merger, we can serve the needs of the market better than ever before. As a customer-focused company, we can bring more products and assist them with access to credit faster. We have invested heavily in technology to improve efficiency and customer service levels. We are looking forward to an exciting phase of sustained double-digit growth.”
Mr YS Chakravarti, MD & CEO commented, “The timing of the merger is brilliant. As India is growing, we are seeing robust demand for credit among MSMEs. We are always close to the market with our 3600+ locations. All our business segments– financing commercial vehicles, MSMEs, Personal Loans, Gold Loans, or Vehicle Loans – are poised to grow.”
It was founded in 1979 by the legendary Shri R Thyagarajan, Shriram. Shriram Finance is the country’s biggest retail NBFC offering credit solutions for commercial vehicles, two-wheeler loans, car loans, home loans, gold loans, personal and small business loans, and a large fixed deposit franchise Pan-India. The Company has over 6.7 million customers and has an Asset Under Management (AUM) of over INR 1.71 trillion. Shriram Finance has branches, rural centres and outlets in 3,600+ locations and an employee strength of over 57,000 across India as of 30 Sep 2022.