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EbixCash announces acquisition of Essel Forex, Weizmann Forex

Devdiscourse News Desk Mumbai
Updated: 14-01-2019 17:43 IST
EbixCash announces acquisition of Essel Forex, Weizmann Forex

EbixCash World Money, the Indian subsidiary of US-based software company Ebix Inc, on Monday, said it has acquired two India-based companies Essel Forex and Weizmann Forex. "EbixCash World Money Ltd, the 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 Weizmann Forex 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 the network in financial services space covering more than 3,700 cities and more than 6,000 districts." Commenting on the acquisition, EbixCash World Money MD T.C. Guruprasad said: "Ebix expects the acquisition to be immediately accretive to its earnings. Together, they will clock business of Rs 25,000 crore turnover in forex business."

(With inputs from agencies.)