Indian conglomerate Adani Group has acquired a 10 per cent stake in government promoted CSC SPV’s e-commerce subsidiary CSC Grameen eStore.
CSC SPV Managing Director Dinesh Tyagi said the association with Adani Group will help meet the financial requirements of village-level entrepreneurs (VLE), who manage e-stores that provide groceries, consumer durables, automobiles etc in rural areas and small towns.
When contacted, Adani Capital MD and CEO Gaurav Gupta said the government through the CSC network has played a pivotal role in making available products and services to every Indian, even in the remotest areas.
“This is a small but strategic investment for us and shows our commitment to the rural commerce model. We will jointly work with the Government to enhance product offerings and also provide credit through our NBFC arm Adani Capital and thereby support micro-entrepreneurs in rural India,” Gupta said.
The government holds a golden share in the CSC SPV, while banking companies are major investors in the organisation with Punjab National Bank holding the majority stake.
“The association with Adani Group will help VLEs in getting access to finance their business. Adani Capital will provide financial products with this association. It will boost the business of VLEs running Grameen stores,” Tyagi said.
CSC SPV created the CSC Grameen e-store in which Tata Digital bought 5 per cent a year ago, HDFC bank 1.5 per cent and Adani Group being the latest investor.
Tyagi said that the transaction is complete now.
CSC Grameen e-store currently serves over 10,000 PIN codes across all states and union territories.
Source: Business-Standard