Shriram Group has harbored plans to buy the non banking finance company, Citi Financial India. The due diligence activities have already begun and the deal is expected to reach finalization in a week's time.

According to sources, the acquisition will be taking place either through the consumer finance wing or the proposed housing finance company.

There have been many bidders like Lakshmi Vilas Bank who have been doing due diligence on Citi Financial.

"Now that it has been decided to go pan-India, instead of going on our own, we have decided to take the acquisition route. Citi Financial is a good bet for us," Shriram City Union Finance (SCUF) said.

Citi Financial has 110 branches and 1,500 employees. "This is a good pick for us," said an official on condition of annonymity.