India's Essar buys stake in mobile payment provider

Mon Apr 28, 2008 3:00pm IST

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NEW DELHI, April 28 (Reuters) - India's Essar group said on Monday its telecom unit, Essar Communications Holdings, had bought a strategic stake in California-based Obopay Inc, a service provider for payments via mobile phones, for an undisclosed sum.

Obopay has received $20 million in venture funding recently from a clutch of investors, including Essar, the Indian firm said in a statement. (Reporting by Devidutta Tripathy)

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