State-run Bharat Petroleum Corporation Ltd (BPCL) on Friday said it has acquired 21 percent stake of Fino PayTech Limited for a consideration of Rs 251 crore in an all cash deal.
"BPCL has entered into an agreement for acquiring a 21 percent stake (on a fully diluted basis) in the share capital of Fino PayTech Limited for a consideration of Rs 251 crore in an all cash deal," the petroleum company said in a statement.
The payments technology solution provider which got in principle approval from the Reserve Bank of India (RBI) for setting up a payments bank had a networth of Rs 276.59 crore by end of 2014-15. Its major shareholders include ICICI, IFC, The Blackstone Group, Intel Capial and HAV3 Holdings.
BPCL plans to leverage its marketing network to participate in the financial inclusion initiative in the country even as it offers convenience to the customers based on the evolving trends in the payments arena, it said.
"This partnership coupled with the ultimate launch of the payments bank by the Fino PayTech offers an excellent platform for providing customised offerings to different segments of customers and thereby the business of fuel and non-fuel offerings," said the company.
--IANS
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