Cen­trum to sell money ex­change unit

India Business Journal - - NEWS ROUND-UP -

The Cen­trum

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.

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