Infibeam Avenues receives EOI to form JV in Qatar; Stock gains 1%

1 Feb 2022 , 09:17 AM

Infibeam Avenues Ltd (IAL) has received Expression of interest (EOI) from Royal family of Qatar, to form a Joint Venture (JV) for Qatar region, to accelerate fast growing Payment’s business, together with the primary equity investment in the said JV, by them.

Further, as per regulatory filing, the Board has discussed the EOI and the in-principle commitment through EOI and decided to initiate steps to consummate the investment transaction, as per regulatory provisions, to grow the Payments business in Qatar region.

The Company has also acquired 100% stake in Bengaluru based ‘Uvik Technologies Pvt Ltd’, allowing smartphones to be converted to business & payment terminals

• Strengthening payments platforms by launching offline payments in February
• Allows smartphones to be converted to business & payment terminals
• Strategy is to cover entire merchant ecosystem- online and offline comprising MSMEs, large enterprises, PSUs & government, and banks
• Offline offerings to include- contactless payments, QR codes, bill payments, agency services, credit cards, working capital loans, reporting & analytics, etc. (cross-sell & upsell opportunities).

At around 9:17 AM, Infibeam Avenues was trading at Rs44.60 per piece higher by 1.02% on Sensex.