Rel Money Express to buy 51% in UK firm

Anil Dhirubhai Ambani Group firm Reliance Money Express today said it will acquire a majority stake in UK-based money transfer firm No1 Currency and expand the company's base to over 500 outlets within six months.

"The company would acquire 51 per cent of No1 Currency and the deal will be completed most probably by the end of this month. We aim to expand the number of outlets from the present nearly 300 to 500 within the next six months," Reliance Money Express Director and CEO Sudip Bandyopadhyay said.

However, Bandyopadhyay declined to divulge any financial details about the acquisition deal.

The acquisition would mark the company's foray into the international foreign exchange arena. For taking the Reliance Money brand to overseas market, the name of the company would be changed to 'Reliance No 1 Currency', he added.

The due diligence for the deal was performed by global consultancy Ernst & Young, while the advisor for the deal was Elara Capital, London.

 No1 Currency provides money transfers and foreign currency exchange worldwide and with over 295 outlets it is one of the largest chains of bureaux in the UK.

Bandyopadhyay further said that the board of No 1 Currency would have equal representation from both the firms and  Reliance Money plans to build synergies between them thereby capitalising on the growth potential of the foreign exchange business.

Reliance Money Express is a money changing services and full-fledged money transfer business entity and is a part of Reliance Capital.

"We are delighted to have Reliance Money Express as a large shareholder in our company and on becoming a part of the Reliance Anil Dhirubhai Ambani Group," No1 Currency MD Mark McElney said.

The ADAG firm is the first Indian company to acquire an international foreign exchange entity, a Reliance Money statement said.

Last year, Reliance Money Express had acquired a majority stake in another foreign exchange and money remittance services Wall Street Finance.