BLS International acquires Zero Mass for Rs 120 crore

BLS International on Wednesday announced the acquisition of business correspondent Zero Mass (ZMPL) for Rs 120 crore in an all-cash deal.

BLS, which is primarily into visa processing, has its presence in the BC (Business Correspondent) space and the deal will help it consolidate its position in the segment, as per an official statement.

The statement said ZMPL is the largest BC in the country with over 11,500 active customer service points and it handles over 15 per cent of the BCs for largest lender SBI.

BLS has bought an 88.26 per cent stake in ZMPL for Rs 120 crore, including main promoter Anurag Gupta's 63.94 per cent, the statement said, adding that SBI will continue to hold 6.83 per cent in the company.

Its network will increase to over 14,500 touch points after the acquisition, its joint managing director Shikhar Aggarwal said.

The BLS International Services scrip closed 1.83 per cent down at Rs 177.10 a piece on the BSE on Wednesday, as against a 0.39 per cent correction on the benchmark.