News

GRG on the brink of a major deal in India

February 23, 2012

Stock shares of ATM distributor GRG International soared more than 20 percent after the group revealed this week that it was on the cusp of a ''company transforming'' deal in India, said a news item at the Sidney Morning Herald online.

GRG, whose Melbourne office is run by Jeff Barrow, is selling ATMs manufactured by China-based GRG Banking. The company has signed a memorandum of understanding to supply and install ATMs and a processing system and to issue plastic cards in the central Indian state of Madhya Pradesh. The state seeks to synchronize and systematize its extensive welfare system.

Under the terms of the proposed agreement, GRG will distribute 4 million cards, roll out 5,000 ATMs and install 25,000 EFTPOS machines to ensure that disadvantaged Indians receive their welfare payments — and that the government is paying the right people. GRG says it is also in line for similar outcomes in three other Indian states.

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