Kuoni India is selling TravelMate Services Ltd., its foreign-exchange moneychanging subsidiary, to Reliance Capital Ltd. The buyer is a member of the Reliance Anil Dhirubhai Ambani Group (ADAG), one of…
Kuoni India is selling TravelMate Services Ltd., its foreign-exchange moneychanging subsidiary, to Reliance Capital Ltd. The buyer is a member of the Reliance Anil Dhirubhai Ambani Group (ADAG), one of India’s leading business corporations.
TravelMate Services Ltd. was founded by Kuoni India in 2002 as a subsidiary in the foreignexchange money-changing field. The company, whose services are provided exclusively for Kuoni India customers and staff, is headquartered in Mumbai and operates a network of 36 sales outlets. With a workforce of 91 employees and over 2,900 agents, it generated turnover of CHF 0.8 million last year.
“This is a classic win-win situation for everyone involved,” says Zubin Karkaria, CEO and Managing Director of Kuoni India. “In divesting TravelMate, Kuoni India is further underlining its pursuit of the overall Kuoni Group strategy of focusing on travel business activities.”
The entire TravelMate workforce will be taken over by Reliance Capital Ltd. The parties agreed not to divulge the sale price involved.
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