Reliance Capital announces plans to acquire Travelmate Services (India) Pvt Ltd.

The Anil Ambani Group has said that their financial services division Reliance Capital Ltd would be acquiring a 100 per cent stake in Kuoni Group foreign exchange money changing unit, Travelmate Services (India) Pvt Ltd.

Reliance Capital has already informed the Bombay Stock Exchange of this deal. And this acquisition would let them enter the fast growing forex changing and money transfer business.

The company has however not disclosed the financial aspects of this deal. They would require the approval from the regulatory bodies to complete the transaction.

Travelmate has 36 offices, 2,900 agents and 91 employees working for them in India.

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