In order to expand the existing portfolio and enter into new business line, as a part of growth strategy, Mr. Umesh Revakar, Managing Director and Chief Executive Officer of Shriram Transport, announced the start of its third subsidiary company “Shriram Insurance Broking Company Limited”. This new company will carry on the operation of insurance broking business and will also cater the needs of the existing customers.
The company, who has applied for license with market regulator Insurance Regulatory and Development Authority on 4th February 2013, is waiting for the approval from IRDA to start its operation. Mr. Umesh declared that once the approval is received from IRDA, the company will commence its business of insurance broking.
In addition to the above new subsidiary, Shriram Transport Corporation Limited has two other subsidiaries, Shriram Equipment Finance Company Limited, which has an Asset under Management of Rs. 331 crore and net profit of Rs. 89 crores as of 31st March 2013 and Shriram Automall India Limited having 24 Automalls. Further, company is having 539 branches all over India out of which 350 branches are in rural areas.
The company also provides a fee based consulting to smooth the progress of sale of pre owned commercial vehicles and equipments.