Mastercard open to acquisitions in India, to invest $800 mn
US-based payments company Mastercard today said it is open to acquiring companies in India and will invest USD 800 million over the next 4-5 years.
Speaking at the India Economic Summit organised by the World Economic Forum, Mastercard President and CEO Ajay S Banga said India accounts for 3 per cent of the company's global revenues and 14 per cent of its employee strength.
"We have bought a couple of companies in India... that's where the investments have been in the last 2-3 years. We are continuing with that. We are in the process of looking at other acquisitions and also organic investment," Banga said.
Mastercard has over USD 4.5 billion worth of investment in India.
"We have committed... to invest USD 800 million in India over the next 4-5 years," Banga added.
Mastercard had first bought a stake in an Indian company, software solutions and payments management firm ElectraCard Services (ECS), in 2010. It fully acquired ECS in 2014.
In the same year, the company acquired mobile wallet and on-device software provider C-SAM, which has operations in India.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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