Sitting on a huge cash pile post 20% stake sale to Ajay Piramal Group, financial services company Shriram Capital is now planning to expand its overseas business in non-life segment after having made investments in the Philippines.
Mumbai-based Piramal Enterprises bought 20% stake in Shriram Capital earlier this year for Rs 2,041 crore.
"After Piramal's investment, the whole group is looking at the growth in a more concerted way. One big area of growth will come from overseas expansion in the non-life insurance segment," Shriram Group Director G S Sundararajan told PTI.
Shriram Capital has non-life and life insurance joint ventures in the country with South Africa-based insurance player Sanlam.
It has already made investments in a non-life insurance firm in the Philippines and will now be looking at acquiring a company in other Asian markets, Sundararajan said.
He said investment in the overseas market will be made along with the insurance partner Sanlam. "Because of our proximity to the Asian markets, Sanlam has decided that they will go to other Asian market with us."
The company will be looking at countries like Indonesia, Vietnam, Sri Lanka, Myanmar, and the plans will be finalised in the next few months, Sundararajan said.
Besides overseas, the Chennai-based firm will also be looking at expansion of its domestic business.
"We have a housing finance company and if we have an acquisition opportunity in the housing sector which is consistent with our culture then we may look at it," Sundararajan said.
Shriram Housing Finance is promoted by Shriram City Union Finance, which has 76.5% stake in the company, while US-based Valiant Mauritius Partners holds the rest.
