There was an article today in the TOI about Centrum’s sale of its forex business
Nasdaq-listed Ebix Inc is set to acquire India’s leading airport foreign exchange provider CentrumDirect in a deal estimated at about $200 million, or Rs 1300 crore, people directly aware of the matter said.
Atlanta-headquartered software and e-commerce company Ebix has made an offer to buy 100% stake in the foreign exchange business unit of Centrum Group, a homegrown financial services firm promoted by Chandir Gidwani and Jaspal Bindra, which is awaiting formalities.
The divestment move is part of Centrum’s plans to exit non-core businesses. Former Standard Chartered honcho Bindra, who emerged as Centrum’s copromoter, has pursued a business streamlining exercise at Centrum. The sale of forex unit would provide Centrum with adequate capital to grow its NBFC operations focused on housing finance, SME and microfinance lending.
Amusingly this “non core” business was the largest revenue generator for Centrum as per their Annual Report !