Siel Financial Services Limited (SFSL) was incorporated as a wholly owned subsidiary of Shriram Industrial Enterprises Limited (SIEL which was known as Mawana Sugars Limited) in the year 1983 in the name and style of “Ayala Finance Private Limited” to carry on the business of Investment and Finance Company. Later it named Siel Financial Services Limited which is now known as CMX Holdings Limited from year 2021.