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TravelPort in acquisition mode

Buys out Balaji Tours & Travels, will grab more

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Buys out Balaji Tours & Travels, will grab more
 
MUMBAI: TravelPort India, one of the largest franchisee travel houses in the country, has acquired complete ownership (100% stake) of Sri Balaji Tours and Travel for Rs 5 crore.
 
TravelPort has strategic private equity investors funding the company and the acquisition has been done with a mix of equity and cash. According to Javed Akhtar, CEO of TravelPort, with the acquisition of Balaji Tours, the company has become the largest domestic player in Goa.
 
“We are planning to further infuse Rs 5 crore in the first phase to fuel expansion plans in Goa. The money will be utilised for several new initiatives to promote tourism in Goa. The company also plans to underwrite 2-3 strategic hotel properties in Goa, which will be managed by TravelPort,” said Akhtar. While the company has been witnessing considerable growth horizontally, it is also open to vertical expansion through the inorganic route. Going forward, it would be looking aggressively at more domestic acquisitions, said Akhtar.
 
“Kerala is another destination we are seriously eyeing,” he added. A leading domestic travel player in Goa, Balaji 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.
 
The company also plans to undertake marketing activities to boost inbound traffic to Goa from international locations including Central Europe and would enter the online hotel and air booking space to Goa by the month-end with www.gogoaonline.com.
 
Itinerary
 
TravelPort will infuse a further Rs 5 crore to fund its Goa expansion plans
 
It is entering the online hotel and air booking space with gogoaonline.com
 
Kerala is another destination it is eyeing “seriously”
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