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Centrum to divest stake in money exchange business to EBIX Inc for Rs 12 bn

The sale follows Centrum's divestment of an 18.5 percent stake in the Centrum Direct to a group of private equity investors in 2017

Reuters 

India's Centrum Capital Ltd said on Tuesday its parent Centrum Group had agreed to sell its money exchange business, Centrum Direct, to U.S.-based Ebix Inc for about 12 billion rupees ($184.6 million). The entire Centrum Direct team and assets will be transferred to Ebix and will become a part of the Atlanta-based company's financial exchange business EbixCash, Centrum Capital said in a statement. Consolidation and margin pressures are expected to be major disruptors in the money exchange business and Ebix has right technological capabilities to make an ideal home for ...

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First Published: Tue, April 03 2018. 15:24 IST
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