Shriram Transport Finance Company  (STFC), the largest asset financing NBFC in India, announced the election of S. Lakshminarayanan as chairman by the board of directors of the company in the board meeting held at Colombo on January 24, 2015.

Lakshminarayanan has been Independent Director of STFC, since September 2009.  

A retired IAS officer, Lakshminarayanan had an illustrious career in the civil services and held several senior positions such as secretary to Government of India, ministry of home affairs. He was also worked as principal secretary, joint secretary, additional secretary in the various other ministries of Government of India including the department of information and technology in the ministry of communications, ministry of information and broadcasting. In the state of Madhya Pradesh, he worked as principal secretary in the department of tourism, culture and public relations, department of mines, mineral resources, revenue and relief and rehabilitation.

During his long innings in the government, he had been on the board of directors of several public sector undertakings. He was India's representative in the World Intellectual Property Organisation, Geneva dealing with protection of Intellectual Property Rights in the audio-visual media for 5 years. He was Vice-Chairman of International Programmes on development of communications in UNESCO's Bureau at Paris for 5 years.

He holds Master Degree in Science in Chemistry and Post Graduate Diploma from University of Manchester (U.K.) in Advanced Social & Economic Studies. He also holds an Honorary Doctorate on Federalism from University of Mexico.

Commenting on his appointment Lakshminarayanan Subramanian, chairman, STFC said, ''Being elevated as the Chairman of Shriram Group’s flagship company brings in further responsibility and I am fully driven to contribute to the future growth and profitability of our company.''

Umesh Revankar, MD, STFC commented, ''Lakshminarayanan has been associated with Shriram Group for a long period in the capacity of Independent Director and Chairman of various committees of the board. Our company will continue to be immensely benefited from his rich and wide experience, guidance, expertise and able leadership.''

STFC, which also declared its December quarter results, saw its total assets under management increased 6% to Rs 603.28 billion compared to Rs 568.83 billion in the same period last year. The consolidated net interest income too jumped 9.55% to Rs 11.06 billion compared to Rs 10.09 billion in the same period last year. The profit after tax stood at Rs 3.21 billion in Q3FY15 as against Rs 3.24 billion.

Shares of the company declined Rs 15.6, or 1.34%, to settle at Rs 1,145.00. The total volume of shares traded was 9,347 at the BSE (Friday).