Ant Group mulls Paytm stake sale reports
2020-12-03
Paytm and Ant Group have categorically refuted media reports around the latter considering a stake sale in the Indian Payments startup.
Ant Group, formerly called Ant Financial, is part of China based Alibaba Group. On November 2, it was reported that Ant was mulling selling its 30% stake in Paytm amid tensions between India and China coupled with a toughening competitive landscape.
The news agency further reported that the possible transaction had not been firmed up and Ant had not launched a formal sale process as yet.
However, both companies denied any such development on their respective Twitter handles.
"Sad to see a responsible organisation publish an untrue headline & article, when both @antgroup and us have officially denied it," a Paytm tweet read.
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