Financial Daily from THE HINDU group of publications
Saturday, Apr 09, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 09, 2005 |
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Marketing
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Strategy European travel co takes joint venture route to India Our Bureau
New Delhi , April 8 EUROPEAN travel and tourism company, TUI AG has entered into a 50 per cent joint venture with Le Passage to India Ltd. The focus of the joint venture would be to establish a tour operator and cater to European holidaymakers in India. According to Dr Michael Frenzel, Chairman, Executive Board, TUI AG. "India is a growth market and we want to play a leading role here," he said. The company has identified China, Russia and India as potential markets and is present here through joint ventures. Mr Arjun Sharma, Chairman and Managing Director, Le Passage to India told newspersons that "The joint venture will give a thrust to the existing inbound business of Le Passage and envisages a rapid roll out of various domestic and outbound products for the Indian traveller." Le Passage is likely to achieve a turnover of Rs 91 crore for 2004-05 and aims to end the 2005-06 with a turnover of Rs 130 crore. Some officials of SITA World Travel (India), which merged with Kuoni Travel India in 2000, have promoted this company. Similarly, TUI is looking at other opportunities in India as well. The euro 18 billion company has interest in hotels, airlines as well as the shipping business internationally. However in India, the company is evaluating the hotels business. "If we find a good project, we will look at investing in it," Dr Frenzel said.
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