I had met with Mohnish a few years ago now and he is still running the TSI business in India today. At the time he was extremely excited about all the additional income stream that they were successfully building out.
As you point out, for them to get business lending they would have needed to jump some significant profit hurdles particularly being an Indian company.
And some posters here think its just an ATM business.
CX Partners have a vested interest in getting a large return for the sale of the TSI business, and we will tag along.
I too believe the sale will surprise everyone so buying at a MC of $24m today you are getting that business for zero consideration.