Date:07/01/2005 URL: http://www.thehindubusinessline.com/2005/01/07/stories/2005010702310600.htm

Back Shriram group to merge 3 cos

Our Bureau

Chennai , Jan. 6

THE Chennai-based Shriram group will merge three of the four of its finance companies, although not immediately, the group's Chairman, Mr R. Thyagarajan, has said.

Shriram Investments Ltd and Shriram Transport Finance Company Ltd are identical companies, with few differences either in the operations or capital structure. As on March 31, 2004, the two companies had net worth of Rs 136.75 crore and Rs 131.52 crore, respectively. Both companies are into truck financing.

The third company, Shriram Overseas Finance, came into the group's fold through an acquisition.

The fourth, Shriram City Union Finance, which is a joint venture with the City Union Bank, is likely to remain a separate company. Today, Shriram City Union is also into truck financing, but will soon exit the business and focus only on consumer financing, where the network and brand image of the City Union Bank would be of help.