Centrum Group sells forex biz to Ebix for Rs 1,200 crore
MUMBAI: Diversified financial services player Centrum Group has decided to exit the forex business under brand name Centrum Direct by selling it to Atlanta-based Ebix Inc for around Rs 1,200 crore. Nasdaq-listed Ebix has over 50 offices across five continents and offers on-demand software and e-commerce services to insurance, financial and healthcare industries. As part of the deal, the entire Centrum Direct team and assets will be transferred to Ebix and will become a part of EbixCash, the Jaspal Bindra-led company said on Tuesday. The deal is expected to be closed in 60 days. In 2017, Centrum had divested 18.5% of its stake in Centrum Direct to a group of private equity investors, including Jacob Ballas, New York Life and Evolvence. Centrum Direct has a customer base of over 3 million and offers services like sale and purchase of forex, overseas remittances, travel cards and travellers cheques. PTI
