Financial Daily from THE HINDU group of publications
Friday, Jun 09, 2006
Financial Daily from THE HINDU group of publications Friday, Jun 09, 2006 |
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Corporate
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Mergers & Acquisitions Kuoni India acquires travel firm Distant Frontiers Our Bureau
New Delhi , June 8 Kuoni Travel Group India has acquired Distant Frontiers (DF), a Delhi-based destination management company for an undisclosed amount. According to the company, it would take three to four months to complete the integration process of DF (which reported a turnover of Rs 30 crore last year) into SITA, a fully-owned subsidiary of Kuoni India. "Since we don't have a premium brand in our portfolio, we would be positioning Distant Frontiers as our premium brand," Mr Himmat Anand, Chief Operating Officer of SITA, said. Kuoni said it would retain DF's top management team and they would be in charge of DF's operations in Kuoni.
Strategic fit
According to Mr Anand, the acquisition was a `strategic fit' into Kuoni's operations in the country. The company is eyeing other companies in the `adventure travelling' space to expand its business. It is also considering expanding its overseas operations network. "We will be setting up an office each in Australia and Spain and are on the lookout for business propositions in Nepal and Sri Lanka," Mr Anand said. SITA is expected to generate a turnover of Rs 300 crore this year, according to Mr Anand.
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