Press Information Bureau

Government of India

Ministry of Finance

23-August-2012 19:36 IST

Proposal of M/s. Shriram Financial Ventures (Chennai) Pvt. Ltd., (i) to allot shares to M/s. Sanlam Emerging Markets (Mauritius) Limited, and (ii) M/s. Sanlam Emerging Markets (Mauritius) Limited to hold, through M/s. Shriram Financial Ventures (Chennai), a stake, not exceeding 26 per cent, in M/s. Shriram Capital Limited

The Cabinet Committee on Economic Affairs today gave its approval to the proposal of M/s. Shriram Financial Ventures (Chennai) Pvt. Ltd. as recommended by FIPB.

The approval would result in FDI amounting to Rs.2000 crore approximately in the country.

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SC/SKS/SM

Foreign investment approval permits Sanlam to acquire a minority stake in Shriram Capital via Shriram Financial Ventures. Approval authorizes Shriram Financial Ventures (Chennai) Pvt. Ltd. to allot shares to Sanlam Emerging Markets (Mauritius) Limited and permits Sanlam, through Shriram Financial Ventures, to hold a minority equity stake in Shriram Capital Limited, following FIPB recommendation and Cabinet Committee on Economic Affairs clearance under the Foreign Direct Investment framework.