Cox and Kings to Demerge Its Foreign Exchange Business

Leisure and education travel group Cox and Kings (CKL) on Tuesday said it will demerge its foreign exchange division into a separate financial services entity - Cox and Kings Financial Service (CKFSL). The company's board has approved the demerger, which is effective April 1, 2017, and is subject to High Court and other regulatory approvals, CKL said in a release.

Whilst the tours and travels and foreign exchange (Forex) businesses are complementary in nature, the businesses operate quite distinctly from each other, the company said. It said, the forex business has 125 licenses across India to provide foreign exchange to captive customers as well as to third-party customers.

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