Hitachi to acquire Prizm Payment Services for Rs.1,540 crore

Japan's engineering and electronics conglomerate Hitachi will acquire 100 percent stake in India's Prizm Payment Services for Rs.1,540 crore. The government Thursday approved the proposal.

The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh approved the proposal at a meeting here.

Under the deal, the Tokyo headquartered Hitachi will acquire 100 percent equity stake of Prizm Payment Services Private Limited through its India unit Hitachi Consulting Software Services India Private Limited.

The approval would result in foreign investment of approximately Rs.1,540 crore in the country, according to an official statement released after the cabinet meeting.