15C
Delhi
Sunday, January 24, 2021

Paytm refutes report on China’s Ant Group considering stake sale

- Advertisement -

Paytm becomes only app offering NEFT transactions 24/7New Delhi, Dec 2 (IANS) Paytm on Wednesday refuted a report that said that one of the company’s major shareholders, Chinese financial technology giant Ant Group, is considering the sale of its 30 per cent stake in the Indian homegrown digital payments major.

Paytm issued the clarification after a media report said that Alibaba-backed Ant is considering the divestment of its stake in Paytm mainly because of India’s strained relations with China due to prolonged border tensions.

Another likely factor could be increased competition in India’s digital payments ecosystem, said the report that cited unnamed sources familiar with the matter.

READ ALSO:  Jio, largest continuous funds raise by any company in the world

Ant Group said that the report is based on “false information.”

“The information is absolutely false and misleading. There has been no discussion with any of our major shareholders ever, nor any plans, about selling their stake or becoming the controlling shareholder,” a Paytm spokesperson said in a statement.

“Our mission is to empower half a billion Indians with digital financial services and pursue the vast opportunity presented by the digital financial revolution in our country.”

Paytm said that it is “seeing a dramatic increase in revenues and acceleration of our path to breakeven.”

READ ALSO:  Bihar Cong chief in Delhi to finalise seat-sharing with RJD

The report comes at a time when India has banned 267 Chinese apps in a span of about five months.

The banned apps include some from Alibaba and other Chinese giants such as ByteDance and Tencent.

India has also tightened rules for investment from China amid border tensions with the country.

Last month, the Shanghai Stock Exchange (SSE) postponed Ant Group’s listing at $37 billion, which would have been the biggest IPO ever.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

CAIT seeks action against Amazon, Zomato for ‘daylight robbery’

New Delhi, Jan 24 (IANS) The Confederation of All India Traders (CAIT) in a communication sent to Union Commerce Minister Piyush Goyal demanded immediate...

Textile body seeks customs duty hike on man-made yarns in Budget

New Delhi, Jan 24 (IANS) The Northern India Textile Mills' Association (NITMA) has urged the government to raise customs duty on man-made yarns to...

Farmers’ stir: Preparations on for Jan 26 tractor rally

New Delhi, Jan 24 (IANS) As the farmers' agitation at the Delhi borders entered the 60th day on Sunday, all eyes are on the...

First confirmed case of Covid in pet reported in South Korea

Seoul, Jan 24 (IANS) In the first case involving a pet, a kitten has tested positive for the Covid-19 in South Korea. The infected kitten...