Piramal to buy 20 pct stake in Shriram Capital for $334 mln

MUMBAI, April 17 Thu Apr 17, 2014 12:03am EDT

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MUMBAI, April 17 (Reuters) - India's Piramal Enterprises Ltd said it agreed to buy a 20 percent stake in unlisted Shriram Capital Ltd for 20.14 billion rupees ($334 million), increasing its foothold in the financial services sector.

Shriram Capital is the holding company for the Chennai-based Shriram group, which controls Shriram Transport Finance Co Ltd and Shriram City Union Finance.

U.S-private equity firm TPG Capital holds a minority stake in Shriram Capital. Piramal last year bought a 9.9 percent stake in Shriram Transport.

Earlier this month, Piramal agreed to sell its 11 percent stake in the Indian unit of Vodafone Group Plc to the British group for 89 billion rupees ($1.48 billion). (Reporting by Aradhana Aravindan; Additional reporting by Indulal PM; Editing by Anand Basu)

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