Israeli-UAE group to buy Finablr for $1
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Troubled UAE-based remittance and foreign exchange firm Finablr Plc, owned by NRI businessman BR Shetty, has decided to sell its operations to Global Fintech Investments Holding AG (GFIH), an affiliate of Prism Group AG of Israel, for $1.
Finablr, having a direct presence in 45 nations through its licensed operations complemented by a network reach spanning 170 countries, commanded a market value of around $2 billion till last year. Prism has formed a consortium with Abu Dhabi’s Royal Strategic Partners (RSP) for the deal.
Shetty-promoted UAE Exchange and its parent firm Finablr — which is listed on the London Stock Exchange (LSE) — controlled a sizeable remittance business involving non-resident Indians (NRIs). In March, the Central Bank of the UAE (CBUAE) had slapped curbs and decided to “oversee the operations management” of UAE Exchange LLC, a remittance and wage protection firm in the Middle East promoted by Shetty. He had moved to Abu Dhabi from India in 1975 and once had a net worth of over $ 3.1 billion.
In April, Finablr found out about $1 billion of debt hidden from its board after a US investment firm alleged that NMC Health inflated cash balances and understated its debt. This scandal pushed Finablr’s sister firm NMC Health Plc — which was at one stage valued at $10 billion on the LSE and was a top healthcare provider in the UAE — into administration.
In an LSE filing, Finablr said, “In return for the transfer of Finablr to GFIH, in addition to the nominal initial consideration of US$ 1 payable, GFIH is providing working capital support to the company to enable it to continue to operate and support various stakeholders, including employees and creditors.”
Courtesy: indianexpress.com
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Air India Express introduces late-night Bengaluru–Mangaluru service
International services at M’luru cancelled on March 7
Mangaluru: Air India Express will introduce a late-night daily flight service on the Bengaluru–Mangaluru–Bengaluru sector starting March 10, 2026.
According to the sources, flight IX 5971 will depart from Bengaluru at 9.25 pm and arrive in Mangaluru at 10.40 pm. The return flight, IX 5972, will depart from Mangaluru at 11.10 pm and reach Kempegowda International Airport, Bengaluru, at 12.20 am.
The additional service will operate daily and will remain in effect until March 28, 2026.
Meanwhile, Air India Express has cancelled all its scheduled international flights from Mangaluru International Airport (IXE) on March 7 due to the ongoing crisis in the Middle East.
The Bengaluru–Mangaluru sector already has multiple daily services. Apart from Air India Express, IndiGo also operates flights on this route.
