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Reliance Capital to acquire Travelmate Services

The Anil Ambani Group financial services firm, Reliance Capital Ltd, on Saturday said it will acquire a 100 per cent stake in Kuoni Group foreign exchange money changing unit, Travelmate Services (India) Pvt Ltd.

DNA Web Team

Updated : Sep 14, 2017, 03:56 PM IST

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

The company informed the Bombay Stock Exchange 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.

Travelmate 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.

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