By way of history; TSI acquired a 50; 000 seat platform from Mphasis (incluive of Mphasis macines under managemeny) when CX Partners took 75%. This is where the bulk of thar capital injection went. That cost is inherently fixed, so each unit added reduces overhead per ATM; making each one added more profitable. There would also be savings on logistics etc. It was always about gaining scale.
Cheers
Ann: New agreement with Central Bank of India, page-61
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