EbixCash acquires Essel Forex, Weizmann Forex

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Mumbai, Jan 14 (IANS) 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, 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 network in financial services space covering more than 3,700 cities and more than 6,000 districts.”

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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 a business of Rs 25,000 crore turnover in forex business.”

–IANS

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