Bharat Petroleum Corporation to acquire 21% stake in FINO PayTech

For a consideration of Rs 251 crore

Bharat Petroleum Corporation has entered into an agreement for acquiring 21% stake in share capital of FINO PayTech for a consideration of Rs 251 crore in an all cash deal.

FINO PayTech is headquartered in Mumbai and has been granted an in principle approval by the Reserve Bank of India for setting up a payments bank.

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.

The transaction is expected to be completed by 31 December 2016.

 

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