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This will alert our moderators to take action. Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings. NIFTY 50 10, Drag according to your convenience. The merger was approved by the boards of the two companies on Friday. The share-swap ratio will be decided by end-July, after which the scheme of amalgamation will have to be approved by shareholders of both companies and the Bombay High Court. Speaking to ET on the benefits of the merger, TCIL managing director Madhavan Menon said he "expects huge optimisation of operations through the synergies between the two companies".
TCIL is also allowed to hedge and export currency by itself. The Mumbai-based company currently has 65 branches in 20 cities, while LKP, though with a smaller marketshare, has a larger network with 80 branches covering 26 cities.
TCIL will have the rights to the LKP brand, but the company is yet to decide whether it will use the brand or extinguish it. TCIL employs about 1, people, of which are part of the forex division. Outbound and inbound tourist traffic into India has enjoyed a phenomenal growth over the past two years. Forex demand has also gone up despite the increase in international credit card usage. LKP Forex was planning to open offices abroad to provide currency and travel insurance related services.
The company has announced that it is looking at expansion through acquisitions in the country and abroad over the next couple of months. Top 12 National park camping sites to visit in USA. Muslims in West UP repose faith back in Mayawati.
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