Business
Tata Communications Divests Payments Division to Australian Company’s Indian Subsidiary
On February 4, the Reserve Bank of India (RBI) granted regulatory approval for Tata Communications to transfer its entire stake in TCPSL to Findi’s Indian arm. Initially disclosed in November 2024, the transaction is valued at ₹330 crore, with a potential additional ₹75 crore depending on interchange rate adjustments.
Tata Communications detailed to the stock exchange, “We previously communicated that Tata Communications Limited entered into a share purchase agreement dated November 13, 2024, with Transaction Solutions International (India) Pvt Ltd for the complete sale of our stake in Tata Communications Payment Solutions Limited. This sale was subject to meeting all conditions outlined in the agreement, which included obtaining necessary regulatory approvals from the Reserve Bank of India and other pertinent authorities; and the subsequent acquisition of a no-objection certificate from the RBI.”
The exchange filing further stated, “With all conditions of the transaction fulfilled as per the share purchase agreement, the transaction has officially been completed effective from February 28, 2025. Consequently, Tata Communications Payment Solutions Limited is no longer a subsidiary of Tata Communications Limited as of that date.”
On November 13, 2024, Tata Communications formalized its agreement with Findi for the divestment of its complete 100% stake in TCPSL. “This transaction has reached completion following the receipt of the RBI’s regulatory approval and the fulfillment of all agreed-upon conditions per the definitive agreement,” as stated by Tata Communications.
“This strategic move aligns Tata Communications with its focus on rapidly growing sectors such as networking, cloud services, cybersecurity, IoT, and media, allowing the company to consolidate its core capabilities and enhance overall value,” the firm stated.
For Findi, this acquisition represents a strategic enhancement of its financial services ecosystem, increasing its capacity in digital payments and ATM management. The acquisition provides Findi with immediate access to a White Label ATM platform, a Payments Switch, and a network exceeding 4,600 ATMs. It also facilitates the deployment of ATMs across a network of over 180,000 merchants via its FindiPay and BankIT brands, according to the statement.
Kabir Ahmed Shakir, CFO of Tata Communications, remarked, “This divestment represents a key milestone in our strategy to streamline our portfolio, concentrating on areas that foster long-term growth and innovation. We believe TSI is well-equipped to advance the next growth phase for TCPSL, enhancing the value it delivers to customers and stakeholders.”
Deepak Verma, MD & CEO of Findi, added, “Acquiring Tata Communications Payment Solutions Ltd is a vital step in our mission to become the most trusted enabler of financial empowerment for India’s underserved population. TCPSL’s existing ATM portfolio, white label license, and Payment Switch provide us with immediate capability to scale and deploy ATMs within our merchant network, evolving them into comprehensive financial hubs to better serve underbanked communities.”
“Both Tata Communications and Findi are dedicated to facilitating a smooth transition for employees, customers, and partners. This milestone presents a mutually beneficial opportunity, paving the way for new growth prospects for both companies and enhancing shareholder value,” the statement concluded.
Business : After the death of parents, legal heirs are eligible to inherit their property. However, certain procedures must be followed before the transfer is completed in India.
Heirs must file the deceased person’s income tax return for the year of death and pay any pending taxes. There is no estate tax on inherited property in India, but any income earned from it, such as rent or interest, is taxable.
If the property is sold, capital gains tax will apply based on the difference between the original purchase price and the selling price. Clearing any outstanding loans linked to the property is also mandatory.
READ MORE:Three Killed After Cruiser Vehicle Hits Road Divider Near Jadcherla
Important documents such as the will, succession certificate, death certificate, and property valuation report should be kept ready to ensure a smooth transfer process.
New Delhi: Banks across India will remain closed on February 14 as it falls on the second Saturday of the month. The holiday is part of the official schedule released by the Reserve Bank of India, which requires banks to shut on the second and fourth Saturdays and all Sundays.
Customers are advised to finish important financial tasks early to avoid last-minute trouble. Every year, the RBI publishes a holiday calendar that lists national holidays, regional festivals, and other scheduled closures.
In February, banks in some states will also close for regional occasions such as the birth anniversary of Chhatrapati Shivaji Maharaj and Statehood Day in Mizoram and Arunachal Pradesh.
READ MORE :Class 1st Girl Loses Two Fingers in School Accident
Even though bank branches will remain closed, digital services like ATMs, internet banking, and UPI will continue to work normally.
Business : The United States has told India that it can soon resume buying oil from Venezuela.The suggestion is part of a U.S. effort to reduce India’s dependence on Russian crude oil.
This pitch comes as India plans to cut Russian oil imports by several hundred thousand barrels per day in the coming months. Under the Trump administration, the United States had imposed a 25 % tariff on countries that bought Venezuelan oil, including India.
Now, the U.S. wants India to resume Venezuelan oil purchases to help diversify India’s energy sources. The United States is also trying to reshape energy ties with India as part of broader diplomatic engagement.
Venezuela’s interim president Delcy Rodríguez said she agreed with India on energy cooperation in a recent phone call with Prime Minister Narendra Modi. PM Modi said both sides agreed to deepen their partnership and expand cooperation in all areas.
READ MORE : Bengaluru: Tragic End of a Business Tycoon Shocks Industry
Venezuela has the world’s largest proven oil reserves. Recently, Venezuela opened its oil sector to private investment to attract foreign capital and boost production.
India was one of the major buyers of Russian crude after the Ukraine war began in 2022. But India is now seeking alternative suppliers as part of its energy strategy.
Two Killed After Tata Ace Crashes Into Tree Near Gadag
Pickup Vehicle Crashes Into Divider, Two Killed Including Child
Two Youths Drown While Washing Off Holi Colours in Koppal Lake
Meet Bubu and Dudu: The Adorable Cartoon Couple Captivating Hearts Around the Globe!
“Hidden Love” Spin-Off “The First Frost” Now Streaming on Netflix
Uppinangady: Accident between Lorry and Bus
-
LATEST NEWS2 hours agoKolar: One Dead in Car–Bike Collision
-
Videos22 hours agoFather’s Video from Son’s School Goes Viral; Says “No One Knows My Child”
-
LATEST NEWS21 hours agoYouth Killed After Asking Driver to Slow Down in Hassan
-
LATEST NEWS2 hours agoBus Conductor Returns Lost Gold Chain Worth Rs.4 Lakh to Student
-
Videos21 hours agoLift Moves Up While Man Stepping Out in Gujarat
-
Videos3 hours agoBoiling Water Attack on 4-Year-Old During Holi
-
bengaluru19 hours agoMan’s Fall Initially Termed Accident Turns Out to Be Murder in Bengaluru
-
National23 hours agoFive from Karnataka Killed in Car–Container Collision in Andhra Pradesh