Mercury Travels, based in Mumbai and Leisure Corp from Delhi has been acquired by one of the Indian subsidiaries of Ebix. Agreements have been signed for a cumulative amount of approximately $14.2 million. The acquisition has been done with an aim to create a new travel division by Ebix, which will focus on a niche segment of the travel market, and the new Travel Exchange will be called Mercury – An EbixCash Luxury initiative, to be headed by Leisure Corp Founder Naveen Kundu. The Mercury Exchange will have three tightly integrated components— Mercury Travel’s entire corporate, leisure & adventure related travel business with the exception of its Forex business; Leisure Corp’s entire sports and events related travel business (MICE) and Via.com’s events based travel business (MICE).
Naveen Kundu will hold 15 per cent of shares in the new entity, while Ebix will have a controlling 85 per cent share in the venture. Mercury’s Forex business will be integrated into EbixCash’s existing CDL Forex exchange business.
Ebix is an international supplier of on-demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries.