Merger with IDFC not back-door attempt into banking: Piramal
Shriram Capital's Ajay Piramal has said that Piramal Group, IDFC and Shriram are committed to following all RBI guidelines in Shriram's merger with IDFC. Stressing that Shriram Capital is a strategic investor, he said it is naive to assume this as Shriram's back-door entry into the banking sector. Notably, both groups have entered into 90-day exclusive talks for a merger.