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Cox & Kings to demerge foreign exchange division into separate entity

Cox & Kings has received an approval for demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service (CKFSL). The board of directors at its meeting held on May 30, 2017 has approved for the same. The demerger is effective April 1, 2017, and is subject to High Court and other regulatory approvals.

Whilst the Tours & Travels and Foreign Exchange (Forex) businesses are complementary in nature, the businesses operate quite distinctly from each other. The Forex business has 125 licenses across India to provide foreign exchange to captive customers as well as to third-party customers.

CKFSL is also in the process of applying for a license to operate as a non-banking finance company (NBFC) and will add multiple product lines to its suite of offerings over time, including holiday finance, overseas student finance etc. aimed primarily at the travel and tourism sector.

Cox and Kings is engaged in providing travel management solutions. Its services include destination management, outbound tourism, business travel, insurance and conference solutions. The firm also offers domestic holidays, trade fairs, foreign exchange and insurance.

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