Financial Daily from THE HINDU group of publications
Monday, May 16, 2005
Financial Daily from THE HINDU group of publications Monday, May 16, 2005 |
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Corporate
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Management `Better control can cut corporate travel costs' Tunia Cherian George
Mumbai , May 15 BETTER monitoring and control can help Indian corporates trim their travel expenses by 10-20 per cent. This has become crucial for companies as business travel has emerged as the second or third largest expense for them, and any savings immediately reflected in improved bottomlines, according to Mr Marc Hildebrand, President, CEO & Chairman of TQ3 Travel Solutions, a $11-billion global travel management company specialising in corporate travel. Considering that the domestic corporate travel market was estimated at $2 billion, this would result in large savings, he said. Globally, the corporate travel market is estimated at about $300 billion. Speaking to Business Line recently, Mr Hildebrand said with India becoming an important business destination for multinationals, many of whom were already clients of TQ3 abroad, it was important for the company to expand its Indian presence. The company recently took 100 per cent equity ownership in ETI Travel Solutions, its partner in India. It would be expanding its presence in the country with new offices in Pune, Kolkata, Chandigarh, Kochi, and Vadodara over the next two years. He said business travel today was cheaper than ever before with airlines competing to offer the best fares. t was not uncommon for large MNCs to appoint travel managers who liaised with travel management firms to rationalise their travel costs. The travel management companies, in turn, negotiated with airlines, hotels, and other service providers to get the best deals for their clients.
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