Mumbai: Reliance Capital is acquiring 51% in UK-based exchange and money transfer firm No 1 Currency, a spokeswoman for the Indian unit said on Friday.
She was confirming a report in the Economic Times, which said the deal would give Reliance Money Express access to money transfers by large expatriate Indians overseas.
The newspaper cited a person with direct knowledge of the transaction as saying the deal was struck for Rs1 billion ($19.3 million). The spokeswoman declined to comment on the deal value.
Reliance Capital, part of Anil Dhirubhai Ambani Group (ADAG), runs India’s largest mutual fund with almost $16 billion of assets under management.
“The existing management of No 1 Currency would continue to lead the firm. Reliance ADAG will get 2-3 board seats once we complete the transaction,” the paper quoted Sudip Bandyopadhyay, CEO of Reliance Money as saying.