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EbixCash acquires Essel Forex, Weizmann Forex

IANS  |  Mumbai 

EbixCash World Money, the Indian subsidiary of US-based company Ebix Inc, on Monday said it has acquired two India-based companies Essel Forex and

"EbixCash World Ltd, Indian subsidiary of Ebix Inc, has entered into an agreement to acquire 100 per cent assets of India-based Essel Forex Ltd, for approximately $8 million," the company said in a statement.

Ebix would fund the entire transaction in cash, using its internal cash reserves, it said.

"The purchase values 100 per cent of at $65.94 million, net of $17.51 million of cash remaining in the business."

Said the statement: "With the two acquisitions, EbixCash as a group stands as the largest distribution house in terms of network in financial services space covering more than 3,700 cities and more than 6,000 districts."

Commenting on the acquisition, EbixCash World MD T.C. Guruprasad said: "Ebix expects the acquisition to be immediately accretive to its earnings. Together, they will clock a business of Rs 25,000 crore turnover in forex business."



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 14 2019. 17:10 IST