Mitsui and Co. announced Nov. 15 that it has acquired an equity stake in Suvidhaa Infoserve Ltd. to establish a presence in the field of payment collection services, which are used in India to pay mobile telephone and public utility charges and other bills.
After the signing of an agreement for a new share issue on Oct. 20, Mitsui invested $12 million (924 million yen) in Suvidhaa Infoserve.
Suvidhaa Infoserve provides Internet-based payment collection services for various industries, including mobile telephone services, electric power, gas, insurance and e-commerce. Currently, 45,000 retail outlets serve as cash collection points, but the company plans to increase the number of collection points to 100,000 over the next two years and to expand its services throughout India.
Mitsui is participating in the on-line payment collection business in India because of the social value of providing a new payment method for the public in partnership with the World Bank Group, and also because of the chance to expand from payment collection services into related areas.
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