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Our Bureau

Mumbai, Feb. 16

Indian Tourism Infrastructure Ltd (ITIL) has acquired Gem Tours & Travels Pvt Ltd, a luxury tour operator, for Rs 400 crore. According to a press release issued on Thursday, the purchase price will be discharged through 36 equal instalments amounting to Rs 200 crore with the balance being offered by way of equity shares. After the deal, Gem Tours will own a 26 per cent stake in ITIL and Mr Jyotin Doshi, Chairman of Gem Tours, will become an ITIL director. The acquisition gives ITIL access to Gem Tours' 12 India offices, two US offices and its Nairobi office. The press release also stated that Gem Tours is in the process of acquiring 1,000 acres of land in Mandangadh and 1,400 acres in Sindhudurg along the Konkan coastline. ITIL now plans to apply for permission to establish tourism SEZs at these two locations.

More Stories on : Mergers & Acquisitions | Tourism

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