Arun Duggal has decided to step down as chairman of the around Rs 60,000-crore financial services entities of the Shriram Group – Shriram Capital Limited, Shriram Transport Finance Limited and Shriram City Union Finance Limited. This would pave way for Piramal Enterprises Chairman Ajay Piramal to step in to the position.
Duggal will continue to be a trustee of Shriram Ownership Trust and continue to be on the board of Sanlam Insurance, South Africa.
Arun Duggal said, “I am very proud to have been associated with Shriram Group companies for the past 10 years. These are great companies with very capable leadership teams. Shriram Group is also very fortunate to have long-term investors like Sanlam Insurance, South Africa and Ajay Piramal Enterprises.”
Piramal has invested Rs 4,556 crore in Shriram Group in the past 18 months. Starting in May 2013, he has picked up minority stakes in Shriram Capital and two listed firms.
Duggal is also on the Board of Directors of Adani Ports, ITC, Dish TV, Info Edge, Jubilant Energy, and is Chairman of International Asset Reconstruction Company. Prior to joining Shriram Group, Duggal had a 26 years career with Bank of America, mostly in the US., Hong Kong and Japan. He spent ten years with the New York Corporate Office of Bank of America handling multinational relationships.