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Shriram Group and IDFC have entered into a 90-day exclusive agreement to explore the possibility of a merger.
Ajay Piramal, Chairman, Shriram Group said no transaction has been approved by the boards of the two companies yet.
Over the next 90 days, the two entities will work out the nitty-gritty relating go due diligence and valuation.
"We want to create a financial conglomerate with universal Bank as its core....serving millions of customers and entrepreneurs," he said.
IDFC is likely to have about 75 per cent stake in the two Shriram group insurance companies -- life and general. Shriram Transport Finance Company will continue as a standalone NBFC under IDFC while Shriram City Union Finance will get merged with IDFC Bank.
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