Ebix' Indian unit buys East India Hotels arm Mercury Travels from PRS Oberoi, Ashwini Kakkar

Nasdaq-listed Ebix Inc’s Indian subsidiary has acquired Mercury Travels, an East India Hotels Ltd (EIH) subsidiary firm co-owned by Oberoi Group executive chairman PRS Oberoi and travel industry veteran Ashwini Kakkar. While EIH reportedly holds 25.1% in Mercury Travels, the balance 74.9% is held by Kakkar. The exact deal value of this acquisition by Ebix was not disclosed.

Ebix also has acquired a Delhi-based firm Leisure Corp, which is one of the leading players in the events related travel space, luxury trains and luxury travel.

Ebix paid $14.2 million for the two acquisitions that was funded through internal cash reserves, according to a company statement. The inorganic move now allows Ebix to create a new travel exchange called Mercury - An EbixCash Luxury initiative.

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Robin Raina, chairman, president and chief executive officer (CEO), Ebix, said in the statement, “Mercury has built a reputation for itself in the affluent luxury market place with its levels of service, built around the high standards associated with an effort backed by the Oberoi Hotels chain. Leisure Corp is a leader in the events based travel business space with a clear focus on the financial and insurance industries. We are excited to be able to bring these two leading companies together, with the goal of creating a pioneering luxury travel initiative. EbixCash is now uniquely positioned as a financial exchange that has end-to-end travel solutions.”