BPCL acquires 21% stake in FINO PayTech
Saturday, 30 July 2016 - 15:51:27
MUMBAI:Bharat Petroleum Corporation (BPCL) has invested Rs 251 crore in Mumbai based payments company Fino PayTech to pick up 21% stake through an all cash deal. With this deal, Fino which had been awarded the Payments Bank licence is within striking distance of reducing its foreign shareholding to less than 50% as mandated by the Reserve Bank of India.
FINO PayTech was chosen by UIDAI to demonstrate the tech enabled payment mechanism at the national launch of Aadhaar-based service delivery.