Adani looking at Paytm stake buy, say reports; Paytm denies talks

Business conglomerate Adani Group is keen on a stake in One 97 Communications, the parent of Paytm, the Times of India reported on may 29.

According to the report, Paytm founder and CEO Vijay Shekhar Sharma met the Adani Group chief on May 28 at its Ahmedabad headquarters to “finalise the contours of a deal”, it added.

In a communication to stock exchanges, One97 communications denied any talks in this regard. “we hereby clarify that the abovementioned news item is speculative and the Company is not engaged in any discussions in this regard,” the company said.

Sharma holds almost 19 percent of One 97, which is valued at Rs 4,218 crore at the closing price of Rs 342 per share on May 28. Sharma individually owns 9 percent of Paytm and indirectly owns 10 percent through the overseas company Resilient Asset Management. According to One 97’s filings with stock markets, Sharma and Resilient are both identified as public shareholders, the report added.

The ports-to-airports conglomerate will enter the fintech market and compete with companies like Google Pay, Walmart-owned PhonePe, and Mukesh Ambani’s Jio Financial, if the two first-generation entrepreneurs are successful in their deal. It will also be one of Adani’s big purchases after Ambuja Cements and NDTV.

Earlier, the Financial Times reported that Adani is planning entry into payments business and e-commerce.