Shriram Finance becomes the largest retail NBFC in India

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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. Umesh Revankar will serve as Executive Vice Chairman of the merged entity, the company said in a release.

“With the balance sheet strengthened through the merger, we can serve the needs of the market better than ever before,” Revankar said.

YS Chakravarti, MD and CEO of Shriram Finance said, “The timing of the merger is brilliant. As India is growing, we are seeing robust demand for credit among MSMEs.”

The company further announced the appointment of Jugal Kishor Mohapatra as Chairman of the Company and Maya Sinha as an Independent Director.