Airtel Digital to buy 10% in Tata Group’s Ferbine for bigger finance play

New Delhi: Bharti Airtel’s wholly-owned subsidiary Airtel Digital Ltd. has agreed to buy 10% in Tata Group’s Ferbine Private Ltd, for Rs50,000 cash as the telco joins the race to own a stake in the pan-India umbrella entity (PUE) which has been formed to rival the National Payments Council of India (NPCI).

“The Investee Company has been incorporated on January 18, 2021 to make an application to RBI for the PUE license. The main business of the company would be to operate a pan-India umbrella entity for retail payment systems, as would be allowed/ licensed by RBI, subject to approval of the PUE application,” Airtel said in a notice to the stock exchanges Friday.