Shriram Finance turns NBFC after the merger

Shriram Finance was formed by the merger of Shriram Transport Finance Company (STFC), India's largest financier of commercial vehicles, and Shriram City Union Finance, India's largest financier of two-wheelers. According to the Shriram Group, Shriram Finance will be India's largest retail-focused non-banking financial company. Shriram Finance will be a diversified player with a net worth of Rs 40,900 crore, Rs 1,71,000 crore in assets under management (AUM), and over 6.7 million customers. According to the company, it will serve self-employed individuals as well as micro, small, and medium-sized businesses (MSME). Umesh Revankar, a Shriram Group veteran, and the merged entity's executive vice chairman, stated that it was the natural conclusion of a 43-year journey.With its balance sheet strengthened by the merger, the company believes it can better serve the market's needs than ever before. It can bring more products and help them get credit faster.Jugal Kishor Mohapatra has been named chairman of Shriram Finance, and Maya Sinha has been named an independent director. The Shriram Group was founded in 1979 and employs over 57,000 people.Also read:Centrum Housing acquires National Trust Housing's home loan portfolio UP to invest Rs 7.3 trillion in 5 years to build 6.4 million homes