Ajay Piramal planning to resign as Chairman of Shriram Capital Ltd., the Indian non-banking finance company backed by South Africa’s Sanlam Group, as he works to sell his stake in parent group of Shriram.
“I will step down in due course as I do not have much role in Shriram Capital,” Piramal said in a recent interview held in Mumbai and declined to share the details.
In 2014, the Chairman of Shriram Finance was Ajay Piramal, is exiting the Chennai based group after failing to consolidate his holdings into a non-banking financial behemoth amid a cash crunch of the financial system in India. Now, he is planning for two funds to invest in embattled realty projects and lend to retail borrowers after announcing a $ 770 million capital raise.
The Shriram Group is objecting Piramal to continue as chairman even if he doesn’t hold any shares, said by R Thyagarajan founder, by phone. The Indian billionaire’s pharmaceuticals to real estate group Piramal Enterprises Ltd. sold its 10 per cent stake in truck financier Shriram Transport Finance Company in June and has started the process to sell its 20 per cent in Shriram Capital.