Billionaire Ajay Piramal plans to resign from Shriram Capital

NEW DELHI: Ajay Piramal He said he plans to resign as president of Shriram Capital Ltd, the Indian non-bank financial company backed by the Sanlam Group of South Africa, while working to sell its stake in the Shriram parent group.

I will give up in due time since I don't have much paper in Shriram Capital, said Piramal in a recent interview in Mumbai. He declined to share details.

Piramal, who was named president of Shriram Capital not listed in 2014, is leaving the Chennai-based group after failing to consolidate its stakes in a non-bank financial giant amid a cash crisis in India's financial system. He is now planning two funds to invest in troubled real estate projects and lend to retail borrowers after announcing a capital increase of $ 770 million.

the Shriram Group He is urging Piramal to continue as president, even if he has no shares, founder R Thyagarajan said by phone.

the billionaire’s pharmaceuticals-to-real estate group Pyramidal companies Ltd sold its 10% stake in the Shriram Transport Finance Co truck financer in June and began the process to sell its 20% in Shriram Capital.