The Shriram Group says it plans to list its insurance businesses within the next two years, a senior officer revealed on Tuesday.
Umesh Revankar, Shriram Finance’s Executive Vice-Chairman, told reporters, per the Times of India, that both Shriram General Insurance and Shriram Life Insurance “are doing well. They have been profit-making from inception. We have not added any capital to either of the companies.”
Revankar also revealed that Shriram is planning to list the two insurance firms “once we reach a certain scale.”
The Shriram Group jointly owns both insurance arms with South African financial services conglomerate Sanlam. The Sanlam group recently bought a stake previously held by private equity firm TPG in the two insurance entities.
Prior to its exit from the Chennai-headquartered conglomerate, TPG held 6.29% and 7.04% in Shriram’s general insurance and life insurance arms, respectively.
Shriram Group is a prominent Indian conglomerate founded in 1974, with its roots in financial services. It started as a chit fund service, but later on ventured into insurance, lending, and asset management. Over the years, it has diversified into various sectors, including infrastructure, real estate, and information technology.
