Ebix Inc has signed a deal to take over the business travel interests of cash-starved Cox & Kings India.
A deal was reached which sees all travel agreements with corporates in India transferred to EbixCash’s corporate ‘Mercury’ Travel unit.
All Cox & Kings’ corporate clients in India will be handled by Ebix and some core employees will move over with immediate effect.
Ebix has been aggressively building its presence in India’s corporate travel market in the past couple of years through key hires and acquisitions.
"We are simply transferring the corporate agreements of Cox and Kings to ensure that the customers continue to be well serviced and looked after," said Naveen Kundu, managing director – Mercury Division of EbixCash.
It is expected to be a fairly seamless transition as Cox & Kings uses EbixCash’s tech platform Zillious to serve its corporate clients.
"It ensures a seamless experience for all the constituents involved in this transfer," Naveen said.
Cox & Kings has defaulted multiple times on short term loan repayments and remains in a precarious financial position.
A week ago its Australian based travel businesses folded and its IATA credit facility was revoked recently.
EbixCash’s travel portfolio includes the acquired Indian travel businesses Via and Mercury, and it hopes to double corporate travel revenues by the end of the year.
EbixCash’s portfolio of products in India encompasses remittance services, foreign exchange, wealth management and travel.
