Reliance Capital to acquire Travelmate Services

MUMBAI: Anil Ambani group financial services firm, Reliance Capital Ltd, said on Satarday that it will acquire 100 per cent stake in Kuoni group foreign exchange money changing unit, Travelmate Services (India) Pvt Ltd.

The company informed the BSE that the acquisition would mark its foray into the fast growing forex changing and money transfer business. However, the company did not disclose the financial terms of the deal, which is subject to necessary regulatory approvals.

City-based Travelmate Services (India) is a unit of the Kuoni Group with 36 offices, 2,900 agents and 91 employees across the country.

Reliance Capital has interests in asset management and mutual funds, life and general insurance, private equity and proprietary investments and stock broking.