Financial majors Shriram Group and IDFC have announced a possible merger to create a "financial conglomerate", a top company official said here on Saturday.
"Today the boards of Shriram Group and IDFC entered into an exclusivity arrangement for 90 days to jointly explore the possibility of merger," Ajay Piramal, Chairman of Shriram and Piramal group, said in a press meet.
The merger is subject to approval from market regulator Securities and Exchange Board of India, Reserve Bank of India, Competition Commission of India and Insurance Regulatory and Development Authority of India, he said.
IDFC is a Chennai-based financial company.
--IANS
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