Tata Communications completes divestment of Tata Communications Payment Solutions Ltd to TSI, a Subsidiary of Findi Ltd.

Tata Communications has successfully completed the divestment of its wholly owned subsidiary, Tata Communications Payment Solutions Limited (TCPSL), to Transaction Solutions International (India) Pvt Ltd (TSI), a majority-owned subsidiary of Australian digital payments and financial services provider Findi (ASX: FND).

On 13^th November 2024, Tata Communications had entered into a definitive agreement with TSI, to divest its 100% equity stake in TCPSL. The transaction has now been completed following the receipt of regulatory approval from the Reserve Bank of India (RBI), and the fulfilment of all conditions agreed between the parties under the relevant definitive agreement.

For Tata Communications, this move aligns with its strategic focus on high-growth areas such as network, cloud, cybersecurity, IoT, interactions, and media services, enabling the Company to sharpen its core capabilities while unlocking greater value.

Kabir Ahmed Shakir, CFO, Tata Communications, said: “This divestment marks a significant milestone in our journey to streamline our portfolio and focus on areas that drive long-term growth and innovation. We are confident that TSI is well-positioned to drive the next phase of growth for TCPSL and will further strengthen and scale this business, ensuring continued value for customers and stakeholders.”

Deepak Verma, MD and CEO, TSI, said: “The acquisition of Tata Communications Payment Solutions Ltd is a critical piece in our journey to become the most trusted enabler of financial empowerment for India’s underserved. TCPSL’s current ATM portfolio, white label license and Payment Switch give us immediate scale, as well as the ability to deploy ATMs to our merchant network, transforming them to a full stack financial hub, and empowering them to expand their services and better serve underbanked communities.”

The acquisition immediately equips Findi with a White Label ATM platform and license, a Payments Switch and a network of 4600+ ATMs. Findi will also have the ability to deploy ATMs to its network of 180,000+ merchants offering payment services (under its FindiPay and BankIT brands).

Both Tata Communications and TSI are committed to ensuring a seamless transition for employees, customers, and partners. This milestone represents a win-win opportunity, unlocking new growth avenues for both companies and delivering greater value to shareholders.