North India Statesman
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Investments in UPI digital payments: The country's leading conglomerate Adani Group is preparing to enter UPI, digital payments, credit cards and other e-commerce and payment businesses. The group is building a digital business to compete with companies like Google and Mukesh Ambani's Reliance Industries in the world's most populous country. According to the information received, the company is working on a plan to diversify the business to diversify the group's business. Gautam Adani has become Asia's second richest man with Adani's infrastructure and other businesses like ports, airports, power.
There is also a buzz that Adani Group chairman Gautam Adani wants to buy a stake in Paytm's parent company 97 Communication. According to sources, Paytm founder and CEO Vijay Shekhar Sharma visited Adani's office in Ahmedabad last Tuesday. If this deal between the two is successful, then Adani Group will enter the fintech sector. Which will compete with Google Pay, Walmart-owned PhonePe and Mukesh Ambani's Jio Financial.
In this way, this will be an important deal for the Adani Group after Ambuja Cement and NDTV. Sharma has about 19 percent stake in One 97. The cost of which is Rs 4218 crore. Sharma has a direct 9 percent stake in Paytm.
As per SEBI rules, an acquirer holding less than 25 per cent stake in a target company has to make an open offer for at least 26 per cent stake in the company. The acquirer can also make an open offer for the entire share capital of the company.
