SHRIRAMFIN

March 25 (Reuters) -

• INDIA COMPETITION WATCHDOG: CCI APPROVES THE ACQUISITION OF CERTAIN SHARES IN SHRIRAM FINANCE BY MUFG BANK

Further company coverage: 8306.T

((Reuters.Briefs@thomsonreuters.com;;))

** Non-bank lenders Shriram Finance SHMF.NS and Bajaj Finance BJFN.NS rise 2% and 1%, while shadow lenders such as LIC Housing Finance LICH.NS, Muthoot Finance MUTT.NS and Jio Financial JIOF.NS gain 1.5%-2.5%

** Rise amid a CNBC-TV18 report that the Reserve Bank of India is not considering any proposal to cap the tenure or implement a force rotation of the top management of NBFCs

** CNBC-TV18's report follows market speculation that the central bank is contemplating such a move

** BJFN lost 10% last week, taking their three-week drop to about 18%; SHMF lost a modest 0.4% last week

** In a note dated March 10, 2026, Macquarie analysts led by Suresh Ganapathy said that such a regulation "could impact SHMF followed by BJFN and force them to plan for leadership transitions in the near to medium term"

** India's financials .NIFTYFIN lost 5.7% last week as benchmarks logged their worst week in years and confirmed correction, on higher crude prices due to the Middle East conflict, which renewed concerns over economy and earnings

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

March 12 (Reuters) - Shriram Finance Ltd SHMF.NS:

• SHRIRAM FINANCE - SHRIRAM OVERSEAS INVESTMENTS SUBMITTED APPLICATION FOR LICENSE FOR PRIMARY DEALER BUSINESS TO RBI

Source text: ID:nBSEjS6wp

Further company coverage: SHMF.NS

((reuters.briefs@thomsonreuters.com;))

March 9 (Reuters) - Warburg Pincus-backed mortgage lender Truhome Finance has filed for a 30 billion rupees ($325 million) initial public offering, its draft prospectus showed on Monday.

Truhome, formerly known as Shriram Housing Finance, was acquired by the U.S. private equity firm from non-bank lender Shriram Finance SHMF.NS in a 46.3 billion rupees deal in 2024.

• Truhome Finance's IPO comprises an issue of new shares worth 15 billion rupees, and an offer for sale of shares worth 15 billion rupees by Warburg.

• This is the first Indian IPO by a mortgage lender since Bajaj Housing Finance's BAJO.NS 65.6 billion rupees IPO in September 2024.

• Warburg currently owns 98.16% of Truhome.

• Should the offer size remain unchanged, Truhome's IPO would be India's third-largest issue in 2026.

• The company plans to use the IPO proceeds to meet future capital requirements, according to the draft prospectus.

• Truhome's assets under management (AUM) stood at $2.29 billion as of December 2025.

• The company's AUM for the fiscal year ended March 2025 grew 29% to $1.92 billion and more than doubled from fiscal 2023's nearly $872 million.

• JM Financial, IIFL Capital, Jefferies and Kotak Mahindra Capital are the bankers to the issue.

($1 = 92.2930 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)

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By Anton Bridge and Miho Uranaka

TOKYO, Jan 30 (Reuters) - Japan's Mitsubishi UFJ Financial Group 8306.T has seen a surge in interest from Japanese automakers hoping to tap its 20% stake in Indian non-bank lender Shriram Finance SHMF.NS to boost sales in the fast-growing Indian market, an MUFG executive said.

India has become a major investment focus for MUFG - Japan's largest banking group - and for clients such as Toyota, with business generated through the Shriram investment potentially lifting profitability across the group, Yasushi Itagaki, head of MUFG's global operations, told Reuters in an interview.

"Our customers are thinking about this more than we imagined," Itagaki said.

IMPROVING PROFITABILITY

Shriram is a major provider of commercial and passenger vehicle credit to SMEs and individuals, with more than 3,200 branches, including in regions where Japanese firms have little presence.

Since the deal was announced, MUFG has fielded calls from automakers seeking to grow sales, for instance by offering preferential financing through Shriram.

Once the acquisition is completed, MUFG plans to set up a dedicated team to develop such opportunities, with staff on the ground working alongside colleagues in Tokyo and Singapore, Itagaki said.

"It's very natural that we work together on this," Itagaki said.

He said the acquisition could further improve profitability, even after MUFG raised its medium- to long-term return-on-equity target to 12% in May last year.

"If realising synergies is faster than we anticipated we may hit our targets sooner," Itagaki said.

India is also becoming a more attractive investment destination amid growing geopolitical uncertainty.

"In an environment of protectionism and fragmentation, you don't want to rely too much on external demand. I think the U.S. and India are two major countries that can stand firmly on their domestic demand," Itagaki said.

MUFG's $4.4 billion investment for a 20% stake in Shriram - the largest cross-border investment in India's financial sector - adds to its corporate banking, digital finance and startup investments in the country.

Restrictions on foreign investment in India's financial sector are gradually easing, and Itagaki met with Prime Minister Narendra Modi, the central bank governor and other senior officials to advocate for the acquisition.

At a press conference last month, an MUFG Bank executive said lifting the Shriram stake above 50% was a possibility, but Itagaki said further investment was not currently planned.

(Reporting by Anton Bridge and Miho Uranaka. Editing by Mark Potter)

((Anton.Bridge@thomsonreuters.com;))

Jan 28 (Reuters) - Shriram Finance Ltd SHMF.NS:

• GOT TAX ORDERS FOR DEMAND OF 15.5 MILLION RUPEES

Source text: ID:nBSEc5jjTs

Further company coverage: SHMF.NS

((Reutersbriefs@thomsonreuters.com;))

** Brokerages reiterate positive outlook on non-bank lender Shriram Finance SHMF.NS citing margin expansion, stable asset quality

** Co posted 21.3% y/y Q3 profit rise on Friday

** YTD, stock among top performers on Nifty 50 .NSEI; Last year, stock gained about 72% vs .NSEI 10.5% rise

MARGINS AND ASSET QUALITY DRIVE OPTIMISM

** Nomura ("buy", TP at 1,200 rupees) keeps SHMF as top NBFC pick, citing margin expansion, steady credit costs and lowest net slippages in 10 quarters

** PhillipCapital ("buy", TP at 1200 rupees) says Q3 driven by healthy AUM growth, improving margins, controlled credit costs

** Ambit Capital ("buy", TP at 1249 rupees) says falling cost of funds, stable credit costs position SHFL for strong profitability over next few years

(Reporting by Surbhi Misra in Bengaluru)

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BENGALURU, Jan 23 - India's Shriram Finance SHMF.NS posted a bigger-than-expected third-quarter profit on Friday, bolstered by strong loan growth.

The non-bank lender reported a profit of 25.22 billion rupees ($274.87 million) in the quarter ended December 31, compared to an average analyst estimate of 24.15 billion rupees ($263.89 million), as per data compiled by LSEG.

($1 = 91.7512 Indian rupees)

(Reporting by Abhirami G and Nishit Navin in Bengaluru)

((abhirami.g@thomsonreuters.com))

Jan 21 (Reuters) -

• FITCH PLACES SHRIRAM FINANCE'S 'BB+' RATINGS ON RATING WATCH POSITIVE - STATEMENT

Further company coverage: SHMF.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shriram Finance SHMF.NS rises ~3% to 1,010 rupees

** Non-bank lender says it got shareholder nod for three proposals linked to deal with Japan's MUFG 8306.T

** Proposed MUFG deal could drive meaningful structural gains in profitability, asset growth, says Morgan Stanley ("overweight"; hikes PT from 925 rupees to Street-high of 1,325 rupees)

** Adds deal can make co's risk-reward ratio "most attractive in our coverage over multi-year frame"

** Notes investors should focus on FY28 and beyond

** Stock rated "buy" on avg; median PT is 1,100 rupees, per data compiled by LSEG

** SHMF added 72.4% in 2025

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Jan 15 (Reuters) - Shriram Finance Ltd SHMF.NS:

• S&P GLOBAL RATINGS: SHRIRAM FINANCE RATING RAISED TO 'BBB-/A-3' ON MUFG INVESTMENT

Further company coverage: SHMF.NS

((Reuters.Briefs@thomsonreuters.com;))

Updates January 9 story to add company disclosure issued late on Friday in paragraphs 7-8

By Gopika Gopakumar

MUMBAI, Jan 10 (Reuters) - India's central bank has raised objections to Bain Capital's plan to acquire a controlling stake in Manappuram Finance as the U.S. firm has a controlling interest in another Indian lender, three people with direct knowledge of the matter said.

Shares in Manappuram MNFL.NS slid on the news, extending losses to close down 7.8%.

The Reserve Bank of India frowns on investors having control of multiple lenders - whether they be banks or non-banks. Private equity firms that have held 20% or more in non-bank lenders have previously had to divest holdings in the face of RBI opposition.
Bain, which announced its planned investment in the gold loan firm last March, is exploring a phased divestment in Tyger Capital, a smaller firm, to address the RBI's concerns, one of the people said.

The sources were not authorised to speak to media and declined to be identified.

Asked for comment, Bain Capital Special Situations fund, which holds Bain's investment in Tyger Capital, said it has not announced and does not have any plans currently to sell a controlling stake.

The fund is "focused and fully committed to growing Tyger Capital to achieve its full potential in partnership with its management team, given the strong fundamentals and growth opportunities in the markets it serves," it said in a statement late on Friday.

Manappuram, which extends loans where gold is used as collateral, in a late Friday statement to stock exchanges said the Reuters story was "factually incorrect and speculative in nature", without elaborating. However, it said the company had responded to certain clarifications sought by the RBI.

"The necessary filings (including responses to clarifications sought from RBI) have been made ... approval of the RBI for the proposed transaction is pending," Manappuram said.

RBI did not respond to requests for comment. Tyger declined to comment.

Bain received approval for the Manappuram deal, which was announced last March, from India's market regulator and the competition commission, but the RBI is the final authority for the clearance of any large stake purchases in banks and non-bank lenders.

The proposed deal calls for Bain to acquire 18% of Manappuram for around 44 billion rupees ($490 million), after which it would launch an open offer for an additional 26%. That would make Bain one of two controlling shareholders with the right to influence management decisions.

The investments would be made through two of its funds, BC Asia Investments XXV and BC Asia Investments XIV.

Bain owns 93% of non-bank lender Tyger Capital, formerly Adani Capital, after purchasing shares from the Adani family in 2023.

Bain has argued that the investments are being made through different funds and teams, but that argument is unlikely to sway the RBI, according to one source.

Manappuram has a 315 billion rupee ($3.5 billion) loan book, focused on fast-growing gold loans. Tyger has a smaller asset base of 73.2 billion rupees that includes business, farm and home loans.

India's financial sector saw a rush of foreign investments last year. Japan's MUFG 8306.T announced in December it would take a 20% stake in Shriram Finance for $4.4 billion. Blackstone BX.N agreed in October it would pay around $700 million for a 9.9% stake in India's Federal Bank FED.NS.

(Reporting by Gopika Gopakumar; Editing by Ira Dugal, Edwina Gibbs and William Mallard)

((Gopika.Gopakumar@thomsonreuters.com;))

Dec 31 (Reuters) - Shriram Finance Ltd SHMF.NS:

• GETS TAX PENALTY FOR 130.4 MILLION RUPEES

Source text: ID:nBSE2mBpCS

Further company coverage: SHMF.NS

((Reutersbriefs@thomsonreuters.com;))

** India's Shriram Finance SHMF.NS gains 2.2% to a fresh record high of 921 rupees

** Stock extends gains from Friday when Japan's Mitsubishi UFG Financial Group said it will buy 20% stake in the Indian NBFC for $4.4 bln

** Stock rose ~4% to a record high after news on Friday

** Jefferies ("buy," PT: 1,060 rupees) says deal will boost SHMF's capital base and prospects of a credit rating upgrade

** Nomura ("buy," PT: 1,140 rupees) calls deal "a big positive," adding that a premier Japanese bank can bring expertise in various aspects of SHMF's operations and business model

** Avg rating on SHMF at "buy"; median PT is 860 rupees - data compiled by LSEG

** YTD, stock up 59.3%

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))

** India's Nifty 50 .NSEI up 0.5%, Sensex .BSESN up 0.4%

** Rise after softer U.S. inflation fuels hopes of rate cut by Federal Reserve next year

** Fourteen of 16 major sectors trade higher; mid-caps .NIFMDCP100 and small-caps .NIFSMCP100 up 0.4% and 0.6%, respectively

** Shriram Finance SHMF.NS jumps 3% to record high after Japan's MUFG announces plans to buy 20% stake; top nifty 50 gainer

** Asian markets .MIAPJ0000PUS also rise 0.6% MKTS/GLOB

** Investor sentiment also lifted by foreign investors turning buyers in India after aggressive sell-off earlier this month

** However, benchmark indexes set for third consecutive weekly losses after rupee slide and foreign outflows earlier this week

** Reliance Industries RELI.NS jumps 1.5% after unit acquires Udhaiyam brand

** Groww BILO.NS jumps 10% after Jefferies initiates with "Buy" rating

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

By Aditya Kalra and Miho Uranaka

NEW DELHI/TOKYO, Dec 17 (Reuters) - Japan's Mitsubishi UFJ Financial Group (MUFG) 8306.T is set to invest more than $4 billion for a roughly 20% stake in Indian non-bank financial company Shriram Finance SHMF.NS, with the deal to be closed on Friday, two people with knowledge of the matter said.

MUFG declined to comment, while Shriram Finance did not respond to Reuters' queries.

It would be the latest in a string of overseas expansion deals by Japanese banks, which are looking for stronger growth than is available in a domestic market where the population is ageing and declining. India has become a popular destination due to its fast-growing economy.

Larger Japanese rival Sumitomo Mitsui Financial Group 8316.T bought 24.2% of Indian lender Yes Bank YESB.NS this year, starting with a 20% stake for $1.6 billion in May.

Japan's Mizuho Securities said on Wednesday it would buy a majority stake in Indian investment bank Avendus from U.S. investment firm KKR KKR.N for up to 81 billion yen ($523 million).

Bloomberg reported on Monday that MUFG may invest more than $3.2 billion in the Shriram Finance deal, but the two sources said the amount will be much higher.

While both said the amount will be in excess of $4 billion, one of the sources put the number at about $4.3 billion, or 390 billion Indian rupees. They declined to be named because the details are confidential.

Shriram Finance late on Tuesday told Indian stock exchanges that its board would meet on Friday to discuss and approve a proposal to raise funds, without elaborating.

Shriram Finance is one of India's biggest retail non-banking financial entities, offering credit solutions for commercial vehicles, cars, scooters and personal loans. Its assets under management stood at 2.8 trillion Indian rupees, or $31 billion, as of the end of September.

(Reporting by Aditya Kalra in New Delhi and Miho Uranaka in Tokyo; Additional reporting by Vibhuti Sharma and Gopika Gopakumar; Editing by Jamie Freed)

((kane.wu@thomsonreuters.com; +85228436590; Reuters Messaging: kane.wu.thomsonreuters.com@reuters.net))

Oct 31 (Reuters) - Shriram Finance Ltd SHMF.NS:

• Q2 PROFIT 23.07 BILLION RUPEES; IBES EST. 22.29 BILLION RUPEES

• Q2 INTEREST INCOME 115.51 BLN RUPEES

• DIVIDEND 4.8 RUPEES PER SHR

• APPROVED RESOURCE MOBILISATION PLAN INCLUDING ISSUANCE OF NCDS

• APPROVED ISSUANCE OF DEBENTURES ON PRIVATE PLACEMENT BASIS

Source text: [ID:]

Further company coverage: SHMF.NS

((Reuters.Briefs@thomsonreuters.com;;))

MUMBAI, Oct 24 (Reuters) - India's Shriram Finance SHMF.NS plans to raise 15 billion rupees ($170.7 million), including a greenshoe option of 7.5 billion rupees, through the reissue of 8.70% April 2028 bonds, three bankers said on Friday.

It has invited coupon and commitment bids for the issue on Monday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on October 24:

*Size includes base plus greenshoe for some issues

($1 = 87.8950 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

((Dharamraj.dhutia@tr.com, khushi.malhotra@tr.com))

Oct 14 (Reuters) - Shriram Finance Ltd SHMF.NS:

• TO CONSIDER RESOURCE MOBILISATION PLAN FOR DEBT SECURITIES

Source text: ID:nBSE1q4ZQk

Further company coverage: SHMF.NS

((Reuters.Briefs@thomsonreuters.com;))

Oct 8 (Reuters) - Tata Capital's TATC.NS $1.75 billion public share sale was fully subscribed on Wednesday, the final day of a three-day bidding process, as investors lined up for India's biggest offering this year amid a rush of new listings.

The Mumbai-based financial services company raised $523.2 million from anchor investors, including LIC and Norway's wealth fund last week, and is seeking a valuation of up to $15 billion.

The Tata Group company is India's third-largest non-bank lender in terms of revenue, trailing Shriram Finance SHMF.NS and Bajaj Finance BJFN.NS, which holds the top position.

The IPO comes at a bustling time for domestic listings, with the October-December quarter set to see $8 billion worth of fundraising, likely to be the second busiest on record.

(Reporting by Yagnoseni Das in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)

((Yagnoseni.Das@thomsonreuters.com;))

Sept 30 (Reuters) - Mitsubishi UFJ Financial Group Inc 8306.T:

• MITSUBISHI UFJ FINANCIAL GROUP SETS SIGHTS ON 20% IN SHRIRAM FINANCE FOR $2.6 BILLION - ECONOMIC TIMES

Source text: https://tinyurl.com/3w6cm4j5

Further company coverage: 8306.T

((Reuters.Briefs@thomsonreuters.com;))

** Shares of Shriram Finance Ltd SHMF.NS climb 2.1% to 633.05 rupees

** Stock leads weekly gains among Nifty 50 .NSEI constituents with 6.8% jump

** CLSA maintains "outperform" rating, PT of 735 rupees; non-bank lender tells analysts at the brokerage it expects better performance in H2 of FY26

** SHMF says medium and small businesses, gold, and car loan portfolios to drive growth in medium term

** SHMF's low exposure to export-oriented enterprises and stable asset prices provides comfort on asset quality - CLSA

** Analysts tracking SHMF rate it "buy" on avg, median PT of 32 analysts is 730 rupees - data compiled by LSEG

** Stock up 9.5% YTD, tops Nifty 50's 6.3% climb

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

** Shares of Shriram Finance Ltd SHMF.NS climb 2.7% to 632.40 rupees

** Stock top pct gainer on blue-chip Nifty 50 .NSEI index, which is down 0.2%

** Jefferies ("buy", PT: 800 rupees) analysts say they liked non-bank lender's steady loan growth and asset quality in Q1

** SHMF's valuations appear reasonable, they add

** HSBC ("buy". PT: cuts to 730 rupees) says SHMF's large book of fixed rate loans makes it "a significant beneficiary of falling (repo) rate environment"

** ICICI Securities ("hold", PT: 640 rupees) says credit cost moderation in a challenging quarter for SHMF "reflects its business resiliency and risk management"

** Analysts tracking stock rate it "buy" on average; median PT is 734 rupees - data compiled by LSEG

** Stock up 9.5% so far this year, outperforming Nifty 50's 4.9% climb

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

Adds details throughout

July 25 (Reuters) - India's Shriram Finance SHMF.NS posted a rise in first quarter profit on Friday, helped by healthy loan growth.

The non-banking finance company (NBFC) reported an 8.8% year-on-year rise in standalone profit at 21.56 billion rupees ($249.01 million) for the quarter ended June 30.

However, this was slightly below the analysts' average estimate of 21.91 billion rupees, according to data compiled by LSEG.

Analysts said that while the broader non-banking lending sector was hit by high funding costs, Shriram Finance saw loan growth across segments, with relatively stronger traction in small business and two-wheeler loan portfolios.

Commercial vehicle loans increased by 12.3%, while loans to medium and small businesses grew by 35%. Loans from the passenger vehicle and two-wheelers segments rose about 23% each.

These four segments account for nearly 85% of the company's total assets under management (AUM), which rose 16.6% to 2.72 trillion rupees in the quarter.

Shriram Finance's net interest income - the difference between interest earned on loans given out and paid on borrowings - rose 12.6% to 60.26 billion rupees, beating analysts' expectation of 59.41 billion rupees.

Its gross stage 3 assets, or loans which have been overdue for more than 90 days, declined 1.7% year-on-year.

Shriram Finance shares pared some losses to trade down 3% after the results, having fallen 4.4% earlier in the session.

($1 = 86.5830 Indian rupees)

(Reporting by Aleef Jahan and Nishit Navin in Bengaluru; Editing by Eileen Soreng)

((aleefjahan.cs@thomsonreuters.com))

July 15 (Reuters) - Shriram Finance Ltd SHMF.NS:

• TO CONSIDER PERIODICAL RESOURCE MOBILISATION PLAN FOR ISSUANCE OF DEBT SECURITIES

Source text: ID:nBSE7xd02L

Further company coverage: SHMF.NS

((Reuters.Briefs@thomsonreuters.com;;))

July 11 (Reuters) - Shriram Finance Ltd SHMF.NS:

• TO PURCHASE OUTSTANDING NON-CONVERTIBLE DEBENTURES WITHIN SPECIFIED LIMITS

Source text: ID:nBSE2FJ3tp

Further company coverage: SHMF.NS

((Reuters.Briefs@thomsonreuters.com;))

July 8 (Reuters) - Shriram Finance Ltd SHMF.NS:

• TO CONSIDER PURCHASE/REPURCHASE OF OUTSTANDING NCDS

Source text: ID:nnAZN44KHJF

Further company coverage: SHMF.NS

((Reuters.Briefs@thomsonreuters.com;;))

MUMBAI, June 27 (Reuters) - India's Shriram Finance SHMF.NS has accepted bids worth 4.85 billion rupees ($56.7 million) for the reissue of 9.2330% May 2027 bonds, three merchant bankers said on Friday.

The non-banking finance company will offer a yield of 7.75% and had invited bids from bankers and investors earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 27:

*Size includes base plus greenshoe for some issues

($1 = 85.4870 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com; Khushi.malhotra@tr.com))

MUMBAI, June 26 (Reuters) - India's Shriram Finance SHMF.NS plans to raise 5 billion Indian rupees ($58.22 million) for the reissue of 9.2330% May 2027 bonds, three merchant bankers said on Thursday.

The non-banking finance company will offer a yield of 7.75% and has invited bids from bankers and investors on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 26:

*Size includes base plus greenshoe for some issues

($1 = 85.8800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Vijay Kishore)

((Dharamraj.dhutia@tr.com))

** Motilal Oswal raises PT on Shriram Finance SHMF.NS by 23% to 800 rupees, implying a 24.5% upside to current price

** Brokerage reiterates stock as top pick in the non banking finance segment

** Says, it expects transitory issues such as asset quality issues and net interest margin compression to gradually subside for SHMF

** Adds, SHMF's execution on growing its assets under management and maintaining asset quality has been far ahead of peers

** Says FY26 outlook for co looks better amid expectations of an economic revival supported by high government capex

** Expects diversification from automotive lending into other high growth segments to yield margin improvement

** On the day SHMF down ~1% to 642.5 rupees

** SHMF shares have risen ~42% in the last 12 months

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))