Financial Daily from THE HINDU group of publications
Sunday, Apr 02, 2006
Financial Daily from THE HINDU group of publications Sunday, Apr 02, 2006 |
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Corporate
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Mergers & Acquisitions Pricol Travels zeroing in on Bangalore co L.N. Revathy
Coimbatore , April 1 THE Coimbatore-based Pricol Travels is on the verge of acquiring a large travel agency in Bangalore. The acquisition is close on the heels of its tying up with the Vancouver-based UNIGLOBE, said to be the largest single-brand travel franchisee. Without divulging more details about this proposed acquisition, the Pricol Travels Managing Director, Mr Vikram Mohan, told Business Line that his company would look at the inorganic route to expand and grow. Started as a travel division of Pricol (Premier Instruments and Controls Ltd) seven years ago, Pricol Travels today has a separate legal identity. It was hived off as a separate entity four years ago. "We are open for more acquisitions," Mr Mohan said, but when asked if an IPO was in the offing, he said "not till we grow to a reasonable size''. In the last three years, Pricol Travels has established offices in Coimbatore, Tirupur and Chennai. "We are planning to open offices in Kochi, Udhagamandalam and Coonoor very soon and by the end of the current calendar year spread our wings into Hyderabad and Pune as well." On UNIGLOBE, he said the company was not new to India, though not Coimbatore, till it awarded the franchisee status to Pricol Travels.
Franchisee size
It has proposed to expand its franchisee size to 75 in the South Asian region in a span of 5 years. Pricol Travels would, from April 1, start operating as UNIGLOBE Pricol Travel. Highlighting the advantages of this tie-up to its customers, he said, "we will now be able to offer 24x7 toll-free service, worldwide, thereby improving our quality of service and reach, considering that UNIGLOBE is a global player."
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