Reliance Money Express to buy 51% stake in UK co

Reliance Money Express will be the first Indian company to acquire an international foreign exchange company. On Friday, Reliance Money Express, part of the Reliance Anil Dhirubhai Ambani Group announced that, they would acquire 51% of No1 Currency, UK's fastest growing independent foreign currency specialist. This would help the company to widen its service offering globally.
Announcing the acquisition, Sudip Bandyopadhyay, director and chief executive officer, Reliance Money Express, said, "While looking for opportunities to widen our services internationally, we found that No1 Currency offered a strong proposition both in terms of synergy and added value. As one of India's leading forex players, we were impressed with No1 Currency's approach to business and the valuable services they provide to individual customers and businesses."
As the UK's fastest growing foreign currency specialist, No1 Currency provides safe and secure worldwide transfers and Bureau de Change services. Its Bureau de Change is one of the largest chains of bureaux in the UK with over 295 outlets in a variety of stores and locations throughout the UK.
Commenting on the acquisition, Mark McElney, managing director, No1 Currency said, "We are delighted to have Reliance Money Express as a large shareholder in our company and on becoming a part of the Reliance Anil Dhirubhai Ambani Group." No1 Currency has a team of foreign currency specialists who provide a professional and tailored approach to all customers regardless of the amount or regularity of exchanges.
Source: Yahoo Finance