TVS Electronics Ltd (TVSE) has executed a Business Transfer Agreement to acquire the business and IP rights of GTID Solutions Development Pvt Ltd to enter into mobile POS software solutions and authentication space. The cost of acquisition is ₹2.25 crore, says an announcement by TVSE to the Bombay Stock Exchange.

The acquisition will help the company in offering hardware along with required applications, digital payment and cloud computing software solutions to segments like retail, banks and government.

The indicative time period for completing the acquisition of business rights is on or before October 31, 2022, the announcement said.