Shriram Group is in discussions with private equity firm TPG Capital India to acquire part of the 49 percent stake it holds in Shriram Holdings Madras, Financial Chronicle reports. The move follows the private equity firm’s plan to withdraw from the holding company Shriram Holdings Madras, promoter of Bombay Stock Exchange-listed .
TPG had invested $100 million in the holding company in February 2006. The Shriram group intends to fund purchase of the stake from part of the proceeds of the sale of a 26 percent stake in Shriram Capital to South Africa’s Sanlam.
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