Reliance Capital to acquire Kuoni group''s foreign exchange unit
By Our Corporate Bureau | 04 Nov 2006
Mumbai: Reliance Capital Ltd, the Anil Dhirubhai Ambani Group financial services firm, will acquire 100-per cent stake in Kuoni Group's foreign exchange unit Travelmate Services (India) Pvt Ltd.
The acquisition would mark the company's entry in the fast growing foreign exchange and money transfer business, the company said in afiling with the Bombay Stock Exchange (BSE).
The company, however, did not disclose the financial terms of the deal, which is subject to necessary regulatory approvals.
Travelmate Services (India) is a unit of the Kuoni group with 36 offices, 2,900 agents and 91 employees across the country.
The acquisition would mark the company's entry in the fast growing foreign exchange and money transfer business, the company said in afiling with the Bombay Stock Exchange (BSE).
The company, however, did not disclose the financial terms of the deal, which is subject to necessary regulatory approvals.
Travelmate Services (India) is a unit of the Kuoni group with 36 offices, 2,900 agents and 91 employees across the country.
Reliance Capital is one of India's leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth.
Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments, stock broking and other activities in financial services.