Alibaba’s Ant Financial to buy 25 percent of India’s One97
(This story corrects paragraph 2 to make clear that the $500 million deal value includes an option to increase the stake next year) MUMBAI/SHANGHAI (Reuters) – Ant Financial Services Group, an affiliate of China’s Alibaba Group Holding Ltd, has agreed to buy 25 percent of Indian payment services provider One97 Communications, tapping into the country’s smartphone and online industry boom. Alibaba spokeswoman Teresa Li and One97 founder Vijay Shekhar Sharma declined to disclose the value
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