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

25 Jun 2022 CW Team

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

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Real Estate

17 Sep 2025

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Infrastructure Transport

17 Sep 2025

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..