Mitsubishi UFJ Financial Group (MUFG) is in advanced talks to acquire a 20% stake in Shriram Finance for ₹23,200 crore ($2.6 billion), potentially the largest FDI in an Indian NBFC. The investment would be via a primary issuance, with MUFG open to a larger stake over time. Shriram Finance, India’s second-largest NBFC, has ₹2.72 lakh crore AUM and a strong retail lending presence.