After Thomas Cook’s acquisition of Travel Corporation of India, here’s some more M&A news in the travel sector. Mumbai-based TravelPort has acquired Shree Balaji Tours for an undisclosed sum. TravelPort is one of the largest franchisee travel houses in the country, with 65 franchisee outlets in 8 cities and a turnover of Rs. 60 crores. Shree Balaji Tours has a network of 400 agents and offices in five cities and close to 90% of its Rs 20 crore turnover last fiscal came from hotel sales for Goa. TravelPort has the backing of strategic private equity investors; this particular transaction has been funded using equity and cash. With this acquisition, TravelPort has become the largest domestic tour player in Goa. Javed Akhtar, CEO, TravelPort, says that Rs. 50 mn will be invested in Balaji to fuel expansion plans in Goa, including promotion of tourism, and underwriting of hotel properties in Goa. TravelPort is looking forward to more domestic acquisitions in the future, notably in the Kerala tourism space.
For more, read the article from Daily News and Analysis.
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