BLS International picks up 100% stake in Turkish Company

10 Jul 2024 , 11:24 AM

BLS International Services’ share price increased by roughly 5% in early trading on July 10 after the business’s subsidiary finalised the acquisition of a 100% stake in a Turkish company.

iDATA is a notable Turkey-based operator that provides full visa processing and consular services to various governments via its 37+ Visa Application Centres (VAC) in 15+ countries, including diplomatic posts in Germany, Italy, and the Czech Republic.

The company acquired iDATA for around ₹720 Crore, backed by internal accruals and loans.

iDATA’s audited consolidated financials show revenues of ~ ₹246 Crore and EBITDA of ~ ₹144 Crore in CY2023.

The acquisition would allow us to establish ties with new Client Governments across Europe, increase our visibility, and consolidate market share, according to the business.

In June, the firm stated that it had signed an agreement to acquire a 55% controlling interest in Aadifidelis Solutions and its affiliates for an enterprise value of approximately ₹190 Crore.

BLS International is a trusted partner for Embassies and Governments worldwide, defining industry standards for visa, passport, consular, e-governance, attestation, biometric, e-visa, and retail services.

BLS International Services, a visa services provider, has announced its fourth quarter results, reporting an 11% increase in net profit to ₹85.5 Crore for the March quarter.  The company recorded a profit of ₹77.7 Crore during the same time last year.

At around 11.15 AM, BLS International was trading 1.09% higher at ₹381.55, against the previous close of ₹377.45 on NSE. The counter touched an intraday high and low of ₹400, and ₹377.10, respectively.

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