Bharat Petroleum Corporation (BPCL) has acquired a 21 percent stake in FINO PayTech for Rs 251 crore.

BPCL has said in a BSE filing that it has entered into an agreement to acquire 21 percent stake on fully diluted basis in the share capital of FINO PayTech for a consideration of Rs 251 crore in an all cash deal.

Rishi Gupta, FINO PayTech CEO and Managing Director has said in a release that “Leveraging the existing synergies will strategically benefit and fuel growth for both FINO and BPCL. 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 variety of payment bank products to its customers and partners.”

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