This merger will also simplify our holding structure eliminating multiple layers." Ajay Piramal, Chairman, PEL while endorsing the merger, added, "I am pleased to see the coming together of both lending businesses of Shriram. While they emerge as the largest retail finance NBFC, it also opens up immense opportunities for them with the synergies that transpire. It will be an exciting journey for the group as it creates the appropriate value proposition for the combined customer base of over 2 crores." Mr. Umesh Revankar, Vice Chairman and MD, Shriram Transport Finance Limited said: "We are thrilled about the unique opportunities this merger will create for our customers, as well as our employees and business partners.