Mumbai, October 29, 2018: Hitachi Payment Services Private Limited, an indirect, wholly-owned subsidiary of Hitachi, Ltd. (Hitachi Japan), today announced that it has entered into a definitive agreement to form a joint venture (JV) for the Merchant Acquiring Business (MAB) with State Bank of India (SBI). The transaction is subject to regulatory approvals. PwC India is the exclusive financial advisor to Hitachi India.
Commenting on the joint venture, Loney Antony, Managing Director, Hitachi Payment Services Private Limited said, "We believe that SBI, with the largest customer base in the country, will drive the need for more sophisticated customer interaction and the MAB JV will be well-positioned to service such demand by leveraging our capabilities. We are confident that our platform will be a leading player in the Indian payments ecosystem and will serve as a strong foundation for regional and global business for SBI and Hitachi alike.”
Rajesh Vig, Partner, Corporate Finance at PwC India said, “This is a rare opportunity for the company to partner with the largest bank in India to create a world-class merchant acquiring platform by leveraging the strengths and capabilities of both partners.”
Harshal Kamdar, Partner, Financial Services Tax at PwC India said, “We are excited to be a part of this journey with Hitachi. At PwC India, this engagement has been an exemplary case of working as ‘One Firm’ to deliver value and making things happen. This joint-venture aims to be a game-changer in the Digital Bharat era which shall bring the benefits of technology to the last-mile consumer across India.”
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© 2018 - 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.