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Ebix acquires corporate travel business of cash-trapped Cox & Kings

The company said it has signed a deal with Cox & Kings to transfer it's business travel agreements with corporates in India with EbixCash's Mercury Travel division

Aneesh Phadnis  |  Mumbai 

Cox & Kings
Cox & Kings

has acquired the corporate travel business from for an undisclosed sum. announced the transaction on Friday. This is the firm’s second acquisition in recent months, after its purchase of The firm said it has signed a deal with to transfer its business travel agreements to the EbixCash’s Mercury Travel division.

Meanwhile, the company’s auditor, DTS & Associates, also resigned, citing delays in finalisation of the first quarter result. The International Air Transport Association (IATA) terminated its licence. The firm has delayed salaries and defaulted on loan and vendor payments over the past few months. Earlier, the IATA had refused to let issue tickets on credit, making servicing of corporate customers difficult. The tour operator has also been forced to close down its business units in Australia and New Zealand.

“Under the agreement, key employees of Cox & Kings will be transferred to the payroll, with immediate effect. This transfer agreement is part of EbixCash’s efforts to double its revenues from the corporate travel sector by the end of this financial year, from the previous year,” said

First Published: Fri, September 27 2019. 23:41 IST