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.
In its report titled “The World Economic Situation and Prospects as of mid-2025,” the UN highlights the precarious state of the global economy, which is currently affected by increasing trade tensions and policy uncertainties. The rising tariffs in the US are anticipated to elevate production costs, disrupt global supply chains, and increase financial volatility.
Ingo Pitterle, Senior Economic Affairs Officer at the UN Department of Economic and Social Affairs (DESA), noted that India’s economy continues to flourish, driven by robust private consumption and public investment, even as the growth projection has been adjusted to 6.3% for 2025.
The report indicates that consistent private consumption, substantial public investments, and strong exports in the services sector will sustain economic growth. Although impending US tariffs might impact merchandise exports, sectors such as pharmaceuticals, electronics, semiconductors, energy, and copper—currently exempt from tariffs—may mitigate some economic effects, though these exemptions could change.
The revised growth forecast of 6.3% for India in 2025 is slightly below the earlier estimate of 6.6% provided in the UN’s January report. Regarding employment, the report indicates stability driven by steady economic conditions, but highlights ongoing gender disparities that call for enhanced workforce inclusivity.
Additionally, inflation in India is predicted to decrease from 4.9% in 2024 to 4.3% in 2025, remaining within the central bank’s target range. This decline in inflation allows central banks across the South Asian region to initiate or maintain monetary easing through 2025.
The global GDP growth forecast has been adjusted to 2.4% for 2025, down from 2.9% in 2024 and 0.4 percentage points lower than the prior January estimate. Meanwhile, governments in Bangladesh, Pakistan, and Sri Lanka are expected to pursue fiscal consolidation and economic reforms supported by the IMF.
In a press release, Adani Airports stated that the decision follows the government’s revocation of Celebi’s security clearance: “We have terminated the ground handling concession agreements with Celebi at Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) and Ahmedabad’s Sardar Vallabhbhai Patel International Airport (SVPIA).”
“As a result, Celebi has been instructed to promptly hand over all ground handling facilities to ensure seamless operations,” the company added.
Furthermore, they confirmed their commitment to providing uninterrupted service to all airlines through new ground handling agencies. “All existing Celebi employees at CSMIA and SVPIA will be transferred to the new agencies under their current employment terms. Ground handling operations at our airports will continue without disruption. We remain dedicated to maintaining high service standards and promoting national interests,” spokespersons for Mumbai and Ahmedabad Airports stated.
This termination decision was made following the Union government’s revocation of the Turkish firm’s security clearance. Previously, Adani Airport Holdings also ended its agreement with Turkish company DragonPass, which had allowed access to airport lounges.
This action aligns with recent geopolitical tensions, particularly Turkey’s support for Pakistan after the Pahalgam terror attacks and India’s subsequent ‘Operation Sindoor’ aimed at addressing the situation.
“Our partnership with DragonPass, which provided lounge access, has been discontinued with immediate effect. DragonPass customers will no longer have access to lounges at Adani-managed airports. This change will not affect the lounge experience for other travelers,” the Adani Airport Holdings spokesperson remarked.
In a notification issued on Thursday, the Ministry of Civil Aviation announced that “in the exercise of power conferred upon DG, BCAS, the security clearance for Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of National Security.”
The total value of exports, which includes both merchandise and services, is estimated at $73.80 billion for April, marking a growth of 12.70% compared to the previous year. Total imports for goods and services are projected at $82.45 billion, reflecting a 15.72% increase.
Commenting on these figures, Commerce Secretary Sunil Barthwal expressed optimism for sustaining the current momentum in exports.
In April, services exports were valued at $35.31 billion, up from $30.18 billion in the same month last year, while services imports were estimated at $17.54 billion, compared to $16.76 billion a year earlier. The growth in services exports is estimated at 17.01% year-on-year.
Non-oil imports for April reached $44.20 billion, up from $37.99 billion in the same month last year. Additionally, India’s engineering goods exports rose to $9.51 billion in April 2025, compared to $8.55 billion in April 2024.
Notably, despite tariff challenges, India’s exports to the US climbed to $8.42 billion in April, up from $6.61 billion in the same period last year.
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