Indian billionaire Ajay Piramal plans to step down from Shriram Capital

A file photo of Ajay Piramal. Piramal Capital currently manages assets in excess of Rs.22,000 crore, with specifically tailored investment strategies for real estate, infrastructure and other special situations. Photo: S. Kumar/Mint

Ajay Piramal said he plans to resign as chairman of Shriram Capital Ltd., the Indian non-bank finance company backed by South Africa’s Sanlam Group, as he works to sell his stake in Shriram’s parent group.

“I will step down in due course as I do not have much role in Shriram Capital,” Piramal said in a recent interview in Mumbai. He declined to share details.

Piramal, who was named chairman of unlisted Shriram Capital in 2014, is exiting the Chennai-based group after failing to consolidate his holdings into a non-banking financial behemoth amid a cash crunch in India’s financial system. He is now planning two funds to invest in embattled realty projects and lend to retail borrowers after announcing a $770 million capital raise.

Read more: Piramal Plans Funds Amid India Shadow Banking Crisis

The Shriram Group is urging Piramal to continue as chairman even if he doesn’t hold any shares, founder R Thyagarajan said by phone.

The Indian billionaire’s pharmaceuticals-to-real estate group Piramal Enterprises Ltd. sold its 10% stake in truck financier Shriram Transport Finance Co. in June and has started the process to sell its 20% in Shriram Capital.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.