Allco finance group

Tata Motors has joined hands with Yes Bank to offer the customers digital retail finance solutions, informs the automaker in a release. It claims the agreement will help the company to offer a superior customer experience through “digital synergies” for commercial vehicle clientele.Tata Motors and Yes Bank will jointly offer finance solutions for the entire range of cargo and passenger carriers, facilitating the easy purchase and ensuring superior operating economics for the end customers, informs the automaker.Commenting on this, Rajesh Kaul, Vice President – Sales & Marketing, Commercial Vehicles Business Unit, Tata Motors, said, “This is a welcome partnership between two agile and tech savvy organizations who use technology as an enabler to add value and leverage our common strengths to meet the ever changing needs of our customers. We are confident of increased reach, and help us serve our customers in an efficient and delightful manner.”Nipun … [Read more...] about Tata Motors partners with Yes Bank for digital finance solutions

Mumbai: Arun Duggal is likely to take over as chairman of the Shriram Group entities after Ajay Piramal stepped down from the position selling his stake in Shriram Transport Finance. Duggal will oversee the proposed three-way merger of Shriram Transport Finance, Shriram City Union and Shriram Capital. A plan to merge two of its publicly traded entities, Shriram Transport Finance Co and Shriram City Union Finance, with the unlisted parent Shriram Capital is underway. This is being done to simplify the corporate structure and facilitate the exit for existing investors such as TPG Capital and Piramal Enterprises. Shriram Capital is the holding company for the financial services and insurance entities of the Shriram Group. The holding company includes Shriram City Union, Shriram Transport Finance, two insurance companies-Shriram Life and Shriram General — a retail broking and financial distribution businesses. “There is talk of getting Arun Duggal back as chairman after Ajay … [Read more...] about Duggal may be chairman of Shriram Group Companies, again

IFC, part of the World Bank Group, has anchored an investment round of $200 million in the company to create a dedicated pool for micro, small and medium enterprises (MSMEs) in low-income states.In a regulatory filing, Mahindra Finance said the IFC had invested $75 million from its own account and was mobilising $125 million as parallel loans. At least $100 million will be earmarked for women-owned MSMEs and supported by blended finance from the IFC-Goldman Sachs' Women Entrepreneurs Opportunity Facility.Mahindra Finance has committed $225 million to this pool.To expand financial services for MSMEs, the IFC had been systematically supporting India's non-banking financial companies (NBFCs), said Hemalata Mahalingam, Manager, Financial Institutions Group, South Asia, IFC. Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance, said, "Mahindra Finance has been powering inclusive growth in rural communities for over 25 years. Our experience in these markets reveals that to … [Read more...] about IFC invests $200mn in Mahindra Finance for MSME lending

New Delhi: Non-banking financial firms Shriram Transport Finance Company and Shriram City Union Finance (SCUF) are in early stages of discussion for merger, a source said today. The move is aimed at listing the holding company Shriram Capital. "Discussions are going on. The advantages and merits of the merger are being looked into," the source said. However, it is not a binding constraint to merge STFC and SCUF for listing process of Shriram Capital as the group is also looking to go solo to list the holding company that manages the financial services arms of the business conglomerate. "We are looking at various options, including listing of Shriram Captial solo also," said the person privy to the development. On asked how much time it can take if things materialises, the person said that the there is no such hurry. "If things fall in place, the merger can happen in about 8-9 months," the person added further. Shriram Transport Finance mainly caters to the financing needs of … [Read more...] about Shriram group mulls merger of Shriram Transport Fin, City Union

Shares of IDFC and Shriram groups ended mixed on Thursday amid speculation of a merger of their entities to create a $10 billion company. There were media speculations earlier in the day that Shriram Transport Finance and Shriram City Union Finance were to be merged with IDFC Bank, while Shriram Capital’s Life and General insurance business will merge with IDFC. Shares of Shriram Transport Finance inched higher by 1.21 per cent to Rs 1,107, while Shriram City Union Finance fell 1.21 per cent to Rs 2,515. On the other hand, IDFC shares rose 0.25 per cent to Rs 60.60 and those of IDFC Bank gained 1.69 per cent to Rs 63.35. IDFC Bank clarified to media that it was unable to confirm or deny the news reports. “We keep evaluation opportunities from time to time and should anything concrete fructify, we will inform the exchanges as appropriate. As this point, there nothing that can be disclosed,” IDFC Bank said in a regulatory filing. … [Read more...] about IDFC, Shriram Group shares mixed on merger buzz