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Hitachi Payment acquires a 26% stake in SBI Payments for Rs 1,500 crore

Hitachi Payment Services Pvt Ltd (HPSPL) is investing Rs 1,250-1,500 crore in SBI Payment Services (SPS) for a 26% stake through subscription to new shares and a purchase of SBI’s stake, reports the Times of India. This values SPS for Rs 5,000-6,000 crore, according to the report. SPSPL will become a 74% stakeholder, as opposed to the previous 100%, after the HPSPL stake acquisition. In December, the CCI had approved HPSPL’s 26% acquisition in SBI Payment Services. Note that in October last year, HPSPL had entered (pdf) into a joint venture with SBI for a digital payment card acceptance platform for India. This JV would focus on card acceptance infrastructure, QR code payments, UPI, mass transit and ecommerce businesses. Hitachi's Prizm Payments acquisition HPSPL had already been providing ‘deployment, technology and management services’ for SBI’s card and digital payment services since 2011.…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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