Mumbai-based Indian Tourism Infrastructure Limited (ITIL) has taken over city-based Gem Tours & Travels Private Limited for a consideration of Rs. 400 crores. Gem Tours will get a 26% stake in ITIL. Gem Tours is acquiring 1000 acres of land in Mandangadh and 1400 acres in Sindhudurg along the Konkan coastline. ITIL plans to establish special economic zones, especially for tourism, at Mandangadh and Sindhudurg. The company proposes to apply for necessary permissions for these proposed SEZs.
ITIL plans to purchase luxury yachts, helicopters and create the necessary tourism infrastructure. The company is planning a time share concept for yachts for the first time in India. Besides, it would start 40 hotels across the country and set up a convention centre, which can accommodate 10,000 people at a time. ITIL plans to recruit 10,000 agents all over India to carry out diverse business interests like packaged tours, air tickets, time share vacations, real estate, hotel chains, chartering of private jets, helicopters, cruise sailing, and yacht hiring. ITIL may enter the capital markets soon.
Read the Business Standard article.
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Very interesting this article.
I think this is great for India, making this kind of desitions about investing on stuff that can increase the turism.
For example, what I can tell you, is that I've been recently in Ecuador, and the Galapagos tourist class yachts experience I had was great, everyone there enjoyed very much. I think It's a very attractive activity for turists.
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