New Delhi, Feb 20: Japan’s engineering and electronics conglomerate Hitachi can acquire 100 percent stake in India’s Prizm Payment Services for Rs.1,540 crore. the govt. Thursday approved the proposal.

The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh approved the proposal at a meeting here.

Under the deal, the Edo headquartered Hitachi can acquire 100 percent equity stake of Prizm Payment Services private restricted through its India unit Hitachi Consulting software Services India private restricted.

The approval would lead to foreign investment of roughly Rs.1,540 crore within the country, per an officer statement released when the cabinet meeting.