Billionaire B R Shetty buys Travelex in nearly a Rs 10,000 crore deal

May 26, 2014

B R Shetty
New Delhi, May 26: India born Abu-Dhabi based billionaire BR Shetty is acquiring leading foreign exchange specialist firm Travelex Holdings for one billion pounds, sources said. BR Shetty, 72, is buying Travelex from private equity player Apax Partners, Lloyd Dorfman (Founder and Chairman of Travelex) and other shareholders.

Though the commercial terms of the proposed transaction were not disclosed, investment banking sources close to the development said that it is a one billion pound deal and in rupee terms it is around Rs 9,500 crore to Rs 10,000 crore.

Following completion of the transaction, Lloyd Dorfman will be Founder and President of Travelex and remain a shareholder. Moreover, Peter Jackson, Chief Executive Officer of Travelex, together with the existing management team, will continue to lead the company.

"I am looking forward to working with Lloyd, Peter and the Travelex team. This is a landmark transaction for Abu Dhabi," Shetty said. Shetty had partnered with Centurion Investments, one of the leading investment firms in the UAE, for the said transaction, a company release said.

"The sale of Travelex to Shetty is an exciting new chapter for our business and represents a great opportunity for us to continue our expansion," Travelex Chief Executive Peter Jackson said. Travelex is the world's leading independent retail foreign exchange business. It has a globally diversified geographic footprint, which includes almost 1,500 stores and over 1,300 ATMs in 27 countries.

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December 3,2025

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Mangaluru, Dec 3: A group of Congress workers gathered at the Mangaluru International Airport on Wednesday to welcome AICC general secretary K C Venugopal, but the reception quickly turned into a display of support for Deputy Chief Minister D K Shivakumar.

Venugopal arrived in the city to participate in the centenary commemoration of the historic dialogue between Mahatma Gandhi and Narayana Guru. The event, organised by the Sivagiri Mutt, Varkala, in association with the Mangalore University Sri Narayana Guru Study Chair, is being held on the university’s Konaje campus.

KPCC general secretary Mithun Rai and several party workers had assembled at the airport to receive Venugopal. However, the moment he stepped out, workers began raising slogans backing Shivakumar.

The university programme will be inaugurated by Chief Minister Siddaramaiah.

This show of support comes just a day after Siddaramaiah remarked that Shivakumar would lead the government “when the high command decides.” The chief minister made the comment after a breakfast meeting at Shivakumar’s residence—another public display of camaraderie between the two leaders amid ongoing attempts by the party high command to downplay their leadership rivalry.

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December 2,2025

Mangaluru, Dec 2: Mangaluru International Airport responded to a medical emergency late on Monday night. Air India Express flight IX 522, travelling from Riyadh to Thiruvananthapuram, was diverted to Mangaluru Airport after a passenger in his late 30s experienced a medical emergency on board.

The Airport’s Operations Control Centre received an alert regarding the passenger’s health condition. The airport activated its emergency response protocol, mobilising the airport medical team and coordinating with stakeholders including CISF, immigration, and customs. 

Upon landing, airport medical personnel attended to the passenger, assessed his condition, and arranged to shift him to a local tertiary-care hospital for further treatment. The passenger’s relatives accompanied the passenger, who incidentally received necessary medical care on board, which helped stabilise the situation.

Following the handling of the emergency, the flight departed for Thiruvananthapuram at 2:05 am on Tuesday.

"We appreciate the cooperation of all parties involved, and this incident reaffirms our ongoing commitment to prioritising passenger safety and readiness to respond to unforeseen emergencies with professionalism and care," the Airport spokesperson said. 

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News Network
December 2,2025

Puttur: The long-cherished dream of a government medical college in Puttur has moved a decisive step closer to reality, with the Karnataka State Finance Department granting its official approval for the construction of a new 300-bed hospital.

Puttur MLA Ashok Kumar Rai announced the crucial development to reporters on Monday, confirming that the official communication from the finance department was issued on November 27. This 300-bed facility is intended to be the cornerstone for the establishment of the government medical college, a project announced in the state budget.

Fast-Track Implementation

The MLA outlined an aggressive timeline for the project:

•    A Detailed Project Report (DPR) for the hospital is expected to be ready within 45 days.

•    The tender process for the construction will be completed within two months.

Following the completion of the tender process, Chief Minister Siddaramaiah is scheduled to lay the foundation stone for the project.

"Setting up a medical college in Puttur is a historical decision by the Congress government in Karnataka," Rai stated. The project has an estimated budget allocation of Rs 1,000 crore for the medical college.

Focus on Medical Education Department

The MLA highlighted a key strategic move: requesting the government to implement the hospital construction through the Medical Education Department instead of the Health and Family Welfare Department. This is intended to streamline the entire process of establishing the full medical college, ensuring the facilities—including labs, operation theatres, and other necessary infrastructure—adhere to the strict guidelines set by the Medical Council of India (MCI). The proposed site for the project is in Bannur.

Rai also took the opportunity to address political criticism, stating that the government has fulfilled its promise despite "apprehensions" and "mocking and criticising" from opposition parties who had failed to take similar initiatives when they were in power. "Chief Minister Siddaramaiah has kept his word," he added.

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