Financial Daily from THE HINDU group of publications
Tuesday, Jun 06, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 06, 2006 |
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ISPs Info-Tech - Mergers & Acquisitions Sify acquires Globe Travels Our Bureau
Chennai , June 5 Sify Ltd, the Chennai-based provider of consumer Internet and enterprise services, has acquired the US-based Globe Travels, which issues e-tickets in the India-US travel space. Financial transaction of the deal was not disclosed. This acquisition marks Sify's entry into online travel business, particularly e-ticketing, the category with highest revenues and fastest growth in online e-commerce, said Mr R. Ramaraj, CEO, Sify Ltd. Founded in 1993, Globe Travels has over one lakh customers in the US. It is accredited by the International Air Transport Association (IATA) — the governing body that creates regulation for international air transport, including regulations — and has relationship with 26 major airlines, including 11 key carriers catering to the Indian segment, he told Business Line. According to Mr Ramaraj, Globe would use Sify's Samachar.com, a news portal, to tap the large Indian Diaspora in the US. In India, Sify is well placed with 3,300 iWay cyber cafes across 153 cities and each of these cyber cafe can operate as an e-store from where existing and new customers can make online travel arrangements or purchase e-tickets. According to the Internet and Mobile Association of India, airline ticket sales online are expected to account for $ 88 million and railway ticket sales will follow with $ 63 million. The growth of online sales of air tickets has been given a further impetus by the IATA deadline of December 2007 for 100 per cent online ticketing in India, with the airlines promoting online tickets with special fares and benefits, as well as alliances. Mr Ramaraj said for US travellers visiting India, Sify would, in future, offer an end-to-end travel service. This includes various options such as pilgrimage and holiday. The company will have tie-ups with various agencies.
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