Correct Answer : Paytm
Digital financial services firm One97 Communications NSE 7.62 %, which operates under Paytm brand, on Saturday(21st May 2022) said it has formed a joint venture general insurance company in which it has committed to invest Rs 950 crore over a period of 10 years.
The proposal to set up joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on 20th May 2022, the company said in a regulatory filing.
Initially, One97 Communications (OCL) will hold a 49 per cent stake in PGIL while the rest of the 51 per cent stake is to be owned by OCL's managing director Vijay Shekhar Sharma owned and controlled company VSS Holding Private Limited (VHPL).
Post the investment,
Paytm will hold
74 per cent stake in
PGIL, reducing VHPL's stake in the company to
26 per cent..
Source : Economic Times
