Reliance Capital to acquire 100% of Travelmate Services

Reliance Capital Ltd has announced that it has agreed to acquire 100% of the equity share capital of Travelmate Services (India) Pvt Ltd, subject to necessary regulatory approvals.

The proposed acquisition will mark the immediate entry of the Company into the exciting growth area of Money Changing and Money Transfer, in one of the world’s fastest growing, and most under-served markets.

Travelmate Services (India) Pvt Ltd, wholly owned by the Kuoni Group, has 36 offices, 2900 agents and 91 employees across the country, and is presently headquartered in Mumbai.

The Company is one of India's leading and fastest growing financial services Companies. It ranks among the top three private sector financial Companies and banking groups in terms of net worth.

The Company 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

Source : Equity Bulls

Keywords