Shriram-IDFC merger not an attempt to enter banking via backdoor: Ajay Piramal

Ajay Piramal
Piramal Group chairman Ajay Piramal. Photo: Aniruddha Chowdhury/Mint

When billionaire Ajay Piramal bought a 20% stake and took management control in Shriram Capital in 2014, it was said that the move was part of Piramal group’s foray into retail lending, which would eventually lead to the merger of Shriram Capital with the financial services arm of Piramal Enterprise. Three years down the line, those plans seem to have changed with the proposed merger with IDFC.

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