Singapore’s Temasek Holdings has shelved its plans to acquire TPG Capital’s stake in India’s commercial vehicle financing company, Shriram Transport Finance, Economic Times reports. The move by the Singapore state investment fund after the Reserve Bank of India’s decided to take away priority sector lending status for nonbanking finance companies.
TPG Capital, which holds a 20% stake in Shriram Transport, was in discussions with Temasek to sell a part of its holding. The private equity firm is also in talks with other sovereign wealth funds, including the Government of Singapore Investment Corporation to sell its stake.
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