Global private investment firm TPG has acquired a 22.7 percent stake in India-based non-banking financial services company (NBFC) Shriram City Union Finance. The transaction, which was structured through TPG India Investment I, involved the merger of Shriram Enterprise Holdings with Shriram Retail Holdings, and the subsequent merger of the consolidated company with Shriram City Union. Through the deal, Shriram Group also consolidated its NBFC businesses, Shriram Transport Finance and Shriram City Union Finance, under the group’s holding arm Shriram Capital. TPG had picked up a stake in Shriram Retail Holdings in 2008. At the current market capitalization of Shriram City, TPG’s stake is worth INR11.3 billion (approximately US$175.3 million).