PASSAGE TO INDIAOne for the punters, certainly yesterday, was...

PASSAGE TO INDIA

One for the punters, certainly yesterday, was tiny ATM distributor GRG International, whose shares soared more than 20 per cent after the group revealed it was on the cusp of one of those ''company transforming'' deals in India.

The stock climbed from 11.5¢ to 13¢, ratcheting its value up to almost $18.5 million.

GRG, run out of Melbourne by Jeff
Barrow, is selling ATMs made by China-based GRG Banking, has signed a memorandum of understanding to supply and install ATMs and a processing system and to issue plastic cards for central Indian state Madhya Pradesh to synchronise its government's extensive welfare system.

If it comes off, GRG will be handing out four million cards (the state has a population of 75 million), rolling out 5000 ATMs and wiring up 25,000 EFTPOS machines to ensure disadvantaged Indians receive their welfare payments, and that the government is paying it to the right people.

Barrow, speaking from Delhi yesterday, described the development as a ''quantum leap'' for the group - keeping in mind that the deal is not yet set in stone.

Given that GRG has rolled out only 900 machines in Australia and 300 through its US arrangements, Insider reckons that is under calling it if the deal goes through - although provision and profit are two different things.

GRG says it is also in line for similar outcomes in three other Indian states.

Read more: http://www.smh.com.au/business/billionaires-take-a-hit-as-ten-delivers-another-downgrade-20120222-1toak.html#ixzz1n8zDEFae


Read more: http://www.smh.com.au/business/billionaires-take-a-hit-as-ten-delivers-another-downgrade-20120222-1toak.html#ixzz1n8z6EZse


Read more: http://www.smh.com.au/business/billionaires-take-a-hit-as-ten-delivers-another-downgrade-20120222-1toak.html#ixzz1n8yzRnvH