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Mr Anthony Grigson, COO, FCm Travel Solutions, with Mr Rahul Nath, CEO, Friends Globe Travels Ltd, at a press conference in the Capital on Friday. — Kamal Narang

New Delhi , March 4

FLIGHT Centre Ltd, an Australian based travel company, has acquired a 51 per cent stake in Friends Globe Travels Ltd (FGTL). The Australian company has paid Australian $8.5 million for acquiring the stake in FGTL.

In a statement FGTL has said that under the agreement, Flight Centre has an option to buy the remaining 49 per cent stake by 2010. Ernst and Young worked as the advisors to the transaction. The new joint venture will operate in India under the brand name FCm Travel Solutions.

"This gives us a solid footing in the Asia-Pacific region and strong presence in one of the world's fastest growing travel markets," the Chief Operating Officer (COO) of the new company, Mr Anthony Grigson said.

Mr Grigson said that FCL was not looking at any other acquisition in the country. "We plan to grow together in this market," he added.

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