BLS International, a visa application service provider, announced the acquisition of Dubai-based Citizenship Invest (CI) for $31 million (Rs 260 crore), marking a strategic move to enhance its offerings in citizenship and residency programs. The deal is subject to regulatory approvals and will be funded through internal accruals.
Meanwhile, the shares of BLS International fell over 3% during the mid-day trade session after converting at a 52-week high on Friday, while its subsidiary firm BLS E-Services surged over 7% on Friday.
BLS, at its AGM held on September 12, declared an interim and final dividend of 50 paise per share and reappointed Joint Managing Director Shikhar Aggarwal for another three years. The company also approved raising up to Rs 2,000 crore in capital.
As Aggarwal explained, the purchase of Citizenship Invest fitted into BLS’s strategy of increasing EBITDA through leveraging the CI knowledge base and success rate in citizenship applications. Visa and Consular Services comprised 81% of BLS revenues in FY24, and the company is feeling good about the future: Global air travel markets are expected to double by 2030 to 3.2 billion passengers annually, driving demand for visas.
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Source: Moneycontrol
News Desk
