Shriram Group has elected to back out of its plans for buying out the non-banking finance company Citi Financial India. The reason given by the company ranges from the high cost of labour to poor returns on the mortgage business, a poor loan portfolio and absence of tax benefits in the planned design.
An official also said Citi Financial’s employees will not join the Shriram Group.
The official said, “It will not be a match for the Shriram Group, both in terms of culture and portfolio”.
Other interested parties in the purchase include Laxmi Vilas Bank.
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