Shriram Group has decided to quit the race for acquisition of the non banking finance company Citi Financial India. The reason cited by the company is ranging from the high cost of people to low returns on mortgage business, a weak loan book and lack of tax benefits in the proposed structure.

Also an official said that the employees of the NBFC will not be a part of Shriram Group.

“It will not be a match for the Shriram Group, both in terms of culture and portfolio,” the official said.

Other bidders in the acquisition have been many including Laxmi Vilas Bank.