ICICI Merchant Services, the newly-formed joint venture (JV) between ICICI Bank and First Data Corporation (FDC), plans to expand its Point-of-sale (PoS) terminal network to 500,000 over the next five years, according to a senior FDC executive.
At present, the bank has a merchant acquiring network of 150,000 terminals.
ICICI Bank on Wednesday formally announced the JV with FDC. FDC will own 81 per cent stake in the JV with ICICI Bank holding the remaining stake.
The total valuation of the JV is $80 million (about Rs 368 crore), according to a senior ICICI Bank executive. FDC is currently owned by private equity giant KKR. The deal was struck a few months back, but was awaiting regulatory approval from the Reserve Bank of India.
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