This will be done through redeemable preference shares. Tata added in the notification that it did not approve the investment through the compulsory convertible preference route. The board had met on June 25th to discuss terms of investment into TTML, and it is subjected to all shareholders and regulatory approval.
Tata Teleservices subsidiary MMP Mobi Wallet Payment Systems, which offers a money transfer and payment service ‘mRupee’, has partnered with the IRCTC to enable users to use its wallet to book tickets. IRCTC will continue offering other modes of payment along with the mRupee wallet. Note that the agency had entered into a similar agreement with Paytm in May last year. As of now, IRCTC claims to receive 4.5 to 5 lakh bookings per day on an average.
Tata Teleservices said its enterprise business is growing at 17% annually, double than the industry average. The company added it would continue to focus on both SME and large enterprises. Tata Teleservices has 1.2 lakh km of optic fibre cable network across the country and is continuously expanding its bandwidth.