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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