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Our Bureau

Kolkata March 20 GE Shipping has finally jettisoned its 63.64 per cent controlling stake in Routes Travel Ltd.

The company's communication to the stock exchanges on Tuesday kept the amount and the buyer undisclosed. Business Line, however, learnt that a Delhi-based unlisted company — Air Travel Bureau — has bought over the loss-making subsidiary. Its business portfolio includes travel, leisure, cargo, travel insurance and as an authorised money-changer. It has offices in Mumbai, Gurgaon and Bangalore.

GE Shipping had bought the controlling stake in the company — then called P&O Travel India — from P&O Cruises B.V. After acquisition, use of the P&O brand name was dropped and the name of Routes Travel Ltd formally took effect on July 19, 2005. However, P&O Group continued to maintain business relationship with Routes. P&O had offered to Routes, two luxury liner visits this year to Mumbai.

During the financial year up to March 31, 2006, Routes recorded an operating profit of Rs 45.52 lakh, but reported a net loss of Rs 37.09 lakh.

More Stories on : Restructuring | Travel & Places | Shipping

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