Centrum to sell money exchange unit
Group has signed an agreement to sell its foreign exchange business, Centrum Direct (CDL), to US-based Ebix for Rs 1,200 crore. Centrum will also transfer the entire CDL team and assets to Ebix, which will become a part of the US company's financial exchange, EbixCash. This sale follows the Centrum Group's divestment of an 18.5 per cent stake in CDL to a group of private equity investors, such as Jacob Ballas, New York Life and Evolvence in 2017. In FY18, CDL handled transactions worth Rs 10,000 crore and it has a customer base of over 30 lakh.