Shriram Finance Ltd.

Shriram Transport Finance Company (STFC) is planning to foray into insurance broking business. In this regard, the company is eying an approval from the insurance regulator to start operations of the subsidiary.

Few months back, the company had applied to the Insurance Regulatory and Development Authority (Irda) for insurance broking firm, which would be the third subsidiary of the company. The new subsidiary would be to meet the requirements of the existing around nine lakh customers.

Shriram Transport Finance is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC. The company was with an objective to provide hire purchase and lease finance for the medium and heavy commercial vehicles to individual truck operators.