Shriram Group to add 2,500 new employees in next 18-24 months
Company News

Shriram Group to add 2,500 new employees in next 18-24 months

Shriram Group plans to add 2,500 new employees to the proposed merged financial services business in the next 18 to 24 months.

The scheme is currently awaiting insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India (CCI) approval, two insurance regulatory bodies. The composite merger has already received RBI's permission.

According to the media sources, Managing Director and CEO of Shriram City Union Finance YS Chakravarti stated that there are currently 51,000 people working for both SCUF and STFC.

Chakravarti informed that they would hire individuals to sell SCUF's products in these states after the merger. He said over the next 18 to 24 months, they will hire 2,500 new employees for their sales, credit, and collection departments.

A composite scheme of arrangement and amalgamation of financial services businesses, comprising two listed companies, Shriram Transport and Shriram City Union Finance, was announced by the Group in December 2021.

Chakravarti revealed that the group plans to divide the company into five distinct geographical areas, each of which would be run by a joint managing director (JMD), following the merger.

The scheme includes, an amalgamation of Shrilekha Business Consultancy with Shriram Capital (SCL); demerger of SCL undertaking carrying on the businesses of Financial Services and other businesses, and the transfer and vesting of those undertakings into Shriram Investment Holdings (SIHL); demerger of SCL undertakings carrying on the businesses of a) Life Insurance and b) General Insurance, and the transfer and vesting of the same undertaking into a) Shriram LI Holdings (SLIH), b) Shriram GI Holdings Private Limited (SGIH) each; an amalgamation of SCL (with its rest of the undertaking and investments) with Shriram Transport Finance Company (STFC); and an amalgamation of Shriram City Union Finance Limited (SCUP) with STFC.

The RBI stated that it had no objections to the scheme earlier this month.

Shriram Transport closed at Rs. 1137.15 per share, down by 0.97%. Shriram City shares dropped 1.65% to close at 1590.50 per share on the Bombay Stock Exchange (BSE).

Chakravarti said that from there, expect the NCLT to come back to them with permission somewhere between 60-90 days. The National Company Law Tribunal (NCLT) has requested the voting of creditors and shareholders of STFC, SCUF, and SCL. The combined business would have a combined asset under management (AUM) of more than 1.5 lakh crore and a distribution network of more than 3,500 branches, the group announced in December 2021.

Image Source

Also read: IKEA to infuse Rs 3,000 crore in Karnataka

Shriram Group plans to add 2,500 new employees to the proposed merged financial services business in the next 18 to 24 months. The scheme is currently awaiting insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India (CCI) approval, two insurance regulatory bodies. The composite merger has already received RBI's permission. According to the media sources, Managing Director and CEO of Shriram City Union Finance YS Chakravarti stated that there are currently 51,000 people working for both SCUF and STFC. Chakravarti informed that they would hire individuals to sell SCUF's products in these states after the merger. He said over the next 18 to 24 months, they will hire 2,500 new employees for their sales, credit, and collection departments. A composite scheme of arrangement and amalgamation of financial services businesses, comprising two listed companies, Shriram Transport and Shriram City Union Finance, was announced by the Group in December 2021. Chakravarti revealed that the group plans to divide the company into five distinct geographical areas, each of which would be run by a joint managing director (JMD), following the merger. The scheme includes, an amalgamation of Shrilekha Business Consultancy with Shriram Capital (SCL); demerger of SCL undertaking carrying on the businesses of Financial Services and other businesses, and the transfer and vesting of those undertakings into Shriram Investment Holdings (SIHL); demerger of SCL undertakings carrying on the businesses of a) Life Insurance and b) General Insurance, and the transfer and vesting of the same undertaking into a) Shriram LI Holdings (SLIH), b) Shriram GI Holdings Private Limited (SGIH) each; an amalgamation of SCL (with its rest of the undertaking and investments) with Shriram Transport Finance Company (STFC); and an amalgamation of Shriram City Union Finance Limited (SCUP) with STFC. The RBI stated that it had no objections to the scheme earlier this month. Shriram Transport closed at Rs. 1137.15 per share, down by 0.97%. Shriram City shares dropped 1.65% to close at 1590.50 per share on the Bombay Stock Exchange (BSE). Chakravarti said that from there, expect the NCLT to come back to them with permission somewhere between 60-90 days. The National Company Law Tribunal (NCLT) has requested the voting of creditors and shareholders of STFC, SCUF, and SCL. The combined business would have a combined asset under management (AUM) of more than 1.5 lakh crore and a distribution network of more than 3,500 branches, the group announced in December 2021. Image Source Also read: IKEA to infuse Rs 3,000 crore in Karnataka

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?