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Shares of BLS International zoomed 16.5% after the company announced that it won a three-year contract from the Ministry of External Affairs.
BLS International is a global company that provides services of visa, passport, attestation, and e-governance to governments and citizens.
The deets: this government project is to establish and operate Indian Visa Application Centres for a three-year period in China. These IVACs will ensure a smooth and steady flow visa application process.
Under this deal, the company will set up and run Indian Visa Application Centres in 3 cities of China including Beijing & Shanghai. These centres will handle visa services for Indian missions in China.
Even though the financial details of the contract haven’t been shared, it’s an important step forward in India-China relations. Just recently, flight services between the two countries also resumed.
Big picture: the order comes at a crucial point in India’s geopolitical history as it is attempting to revive ties with China post tariff woes.
The global visa services market is also projected to grow at the rate of 16.4% and reach a valuation of $55.42 billion by 2034. This growth combined with the country’s current foreign policy gives BLS the perfect opportunity to become a trusted service provider in the domain.
