Rajesh Laddha, chief financial officer of Piramal Enterprises Ltd (PEL), is joining Shriram Capital Ltd (SCL) as managing director and chief executive officer, PEL said in a statement.
PEL holds a 20% equity stake in Shriram Capital and 10% each in Shriram Transport Finance Ltd and Shriram City Union Finance Ltd.
Piramal group picked a 10% stake in Shriram Transport Finance in 2013. Later in 2014, it bought a 20% stake in Shriram Capital Ltd for Rs 2,014 crore ($334 million).
Laddha will cease to be CFO of PEL by 30 June 2017.
PEL is in the process of appointing a new chief financial officer, and in the interim, financial controls and organisational structure, including the existing finance team, are well placed to ensure that the finance function at PEL is taken care of, the company said.
Ajay Piramal, chairman, Piramal Group, said, “As an important member of the Piramal Group, Laddha has successfully driven some of our most significant strategic forays and acquisitions.”
Laddha was appointed non-executive director on the board of Shriram Capital on 21 July 2015, following PEL’s investment in SCL.
Other stakeholders in Shriram Capital include Shriram Ownership Trust, South African insurer Sanlam and US private equity fund TPG Capital.
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