Chennai-based diversified financial services company Shriram Group on Wednesday said its holding company, Shriram Capital Ltd (SCL), will shortly merge with Shriram Transport Finance.

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Accordingly, Shriram Financial Ventures (Chennai) Private Ltd (SFVPL), which was the holding company of SCL, will now become the promoter and holding company of the financial services and insurance businesses of the group.

SFVPL is jointly owned by Shriram Ownership Trust (SOT) and Sanlam Group of South Africa. It will help each of its investee companies in the Group to expand and grow, while continuing to look for newer business opportunities in the Financial Services sector.

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DV Ravi, the managing trustee of SOT and erstwhile MD of SCL will be the vice chairman and managing director of SFVPL. Subhasri Sriram, who was the executive director and chief financial officer of Shriram Capital, and N S Nanda Kishore Director, CEO of Novac Technology Solutions, will be the joint managing directors.

Subhasri Sriram comes with a strong expertise in finance, investor relations, entity structuring, and new initiatives. Nanda Kishore specialises in technology, digital, synergy creation and new initiatives.

"At a Group level, we have completed a comprehensive exercise of simplifying the corporate structure and businesses under SFVPL, will now be focusing on facilitating the growth in the NBFC and insurance space and also evaluate emerging opportunities and new initiatives in these domains," Ravi said.

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The board of SFVPL will comprise nominee directors, whole-time directors, and independent directors with Dr KP Krishnan (retired IAS Officer), as its independent director and non-executive chairman.