New Delhi, Feb 28 – Tata Communications has successfully finalized the sale of its wholly-owned subsidiary, Tata Communications Payment Solutions Limited (TCPSL), to Transaction Solutions International India (TSI), a majority-owned subsidiary of Australian digital payments and financial services provider Findi. The transaction, initially announced on November 13, 2024, was completed following regulatory approval from the Reserve Bank of India (RBI) and the fulfillment of all agreed conditions.
The divestment aligns with Tata Communications' strategic shift towards high-growth domains such as network, cloud, cybersecurity, Internet of Things (IoT), interactions, and media services. By streamlining its portfolio, the company aims to enhance its core capabilities while unlocking greater value.
Kabir Ahmed Shakir, Chief Financial Officer of Tata Communications, emphasized that the sale marks a pivotal step in the company's long-term growth strategy. “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,” Shakir stated.
Findi Gains Strategic Edge in India's Payments Sector
The acquisition significantly enhances Findi’s presence in India's digital payments ecosystem, equipping the company with a White Label ATM platform, a payments switch, and a network of over 4,600 ATMs. Additionally, it enables Findi to expand its offerings through its network of over 180,000 merchants under its FindiPay and BankIT brands.Deepak Verma, Managing Director and CEO of TSI, highlighted the strategic importance of the acquisition, stating, “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.”
With TCPSL’s existing infrastructure, including a white-label license and a payments switch, TSI aims to scale operations and transform its merchant network into a comprehensive financial services hub. The move is expected to bridge financial accessibility gaps and empower underbanked communities across India.
This acquisition marks a major development in India's fintech landscape, as Findi strengthens its foothold in digital payments and financial inclusion.