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Tuesday, 08 January, 2019, 17 : 45 PM [IST]

EbixCash acquires Essel Forex for approximate USD 8 million

Continuing its aggressive acquisition spree Ebix, Inc. has acquired Essel Forex Limited through its India subsidiary its  EbixCash World Money Limited. It has entered into an agreement to acquire 100% assets of India based Essel Forex Limited, for approximately $8 million. Ebix will be funding the entire transaction in cash, using its internal cash reserves. 

Essel Forex will be tightly integrated into the EbixCash Financial Exchange offering in India and abroad. The retained Essel Forex executives will become an integral part of the combined EbixCash remittance and forex leadership team headed by TC Guruprasad , MD, EbixCash World Money. Ebix believes the Essel Forex business can generate operating margins of 40% or more, once fully integrated. Ebix expects the acquisition to be immediately accretive to its earnings.

Robin Raina , Chairman, President and CEO, Ebix said, “Essel Forex has a rich focus on the corporate clientele with strong partnerships with many leading banks.  Their geographical, product and client overlap with EbixCash made the synergies rather compelling. We remain committed to establishing the Indian sub-continent’s largest financial exchange and this is another step in that direction.”

Amitabh Chaturvedi, MD and CEO,  Essel Finance, said, "As part of the next phase of growth of Essel Finance, we have decided to focus more on the fund based activities such as NBFC, HFC and asset management activities such as mutual funds, private equity and accordingly we are exiting the transactional business. The sale of Essel Forex's business to Ebix Cash World Money is a part of that strategy."

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