Government-owned oil marketing company Bharat Petroleum Co Ltd (BPCL) has acquired 21 per cent stake in Fino Paytech. The latter had acquired a licence for payments bank last year.
“BPCL has entered into an agreement for acquiring 21 per cent stake (on a fully diluted basis) of Fino Paytech for Rs 251 crore in an all-cash deal,” said BPCL in a notice to the exchanges. Rishi Gupta, chief executive officer and managing director of Fino PayTech, said the partnership will be a win-win for both sides. “The extensive reach of BPCL distribution allows Fino Payments Bank to substantially improve its reach, especially in rural India. On the other hand, BPCL will be able to offer a variety of payments bank products to its customers and partners.” A BPCL spokesperson added the company was in the process of rolling out various customer service initiatives in its core retail fuels business using the emerging technology solutions and this investment would provide a base for supporting this imitative.