Tata Capital in talks to acquire TT Forex
Tata Capital is reportedly nearing a deal with Indian conglomerate TTK Group to acquire its foreign exchange unit TT Forex.
TTK Group, which vends a range of products from pharmaceuticals to appliances to maps, worth a reported INR1,500 crore ($320.2 million), has reportedly considered divesting from TT Forex in the past, as sources suggest that it is not a central moneymaker in TTK Group's network. Meanwhile, Tata Capital is reportedly eyeing the asset as it looks to expand its cache of financial investees. Bangalore-based TT Forex offers services such as money exchange, travelers cheques and money transfers to customers.
Last month, Tata Capital, the Tata Group's financial services arm, announced plans to raise approximately $1 billion from local and international sources next year for four sector-focused private equity funds, with local investment expected to be earmarked for Tata Capital's Special Situations and Innovative funds.
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