Singaporean state-owned investor Temasek has picked a stake in passport utility and visa consular providers firm, VFS International. An announcement relating to the identical is prone to be made quickly.
In accordance with a report in Livemint, the deal values the outsourcing and know-how providers firm at $5 billion in fairness and $7 billion in enterprise worth. Experiences about Temasek’s curiosity in VFS International had first come out in September.
US-based different asset supervisor Blackstone, who had acquired 75 per cent stake in VFS International in 2021 from Swedish non-public fairness firm EQT AB for $1.8 billion, was trying to de-risk the funding and take some cash off the desk, the report added citing a supply.
Blackstone was exploring varied choices to monetise its stake in VFS International, together with the potential of an preliminary public providing. A supply advised the each day that VFS International will ultimately listing, maybe in one other 2-3 years.
VFS International, based in 2001 by Zubin Karkaria, is headquartered in Zurich and Dubai. The corporate had confronted headwinds in 2020-21 resulting from COVID-19 and the next journey restrictions. Nonetheless, its efficiency regularly rebounded.
In 2023-24, VFS International’s complete revenue from operations stood at Rs 634.74 crore within the first half, with an working margin of 33.01 per cent.
