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Shriram Group-IDFC Agree to Finalize Merger in 3 Months
July 12, 2017
Private Sector Lender IDFC Bank and Shriram Group have decided to finalize a merger of their financial services businesses within 90 days to establish a giant banking corporation that can offer a slew of services to all segments of the society.
Post the merger, the joint businesses will be operated by IDFC Ltd. According to analysts, the merged business corporation, with products like insurance and mutual funds, will have a market value of Rs. 72,000 minimum. Although, getting RBI to give a nod could be tricky as the central bank has its reservations.
