A company under BLS International is buying a Turkish visa service provider, iDATA, for ₹450 crore. BLS plans to pay for it with their own money and expects the deal to be good for their profits right away. iDATA runs over 37 visa centers in 15 countries and works with countries like Germany and Italy. The deal is set to finish this year.
In 2022, iDATA made €19.9 million or ₹180 crore in revenue and had a profit of €10.4 million or ₹94 crore. Shikhar Aggarwal, from BLS International, says this buyout helps them grow and build strong ties with governments. The company has ₹700 crore in cash, and its stock rose by 4.5% on Monday, closing at ₹391. Over the last year, the stock gained almost 140%.
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