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Parveen Travels looks to take private equity funds on board

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Eyeing expansion:Mr A. Afzal, Managing Director, Parveen Travels, inside the ‘Konferenz on wheels' bus, in Chennai, on Tuesday. — Bijoy Ghosh
Eyeing expansion:Mr A. Afzal, Managing Director, Parveen Travels, inside the ‘Konferenz on wheels' bus, in Chennai, on Tuesday. — Bijoy Ghosh

Our Bureau

Chennai, April 27

The Rs 160-crore Chennai-based Parveen Travels, which operates tourist buses as well as fleets of buses for a variety of IT and engineering companies for their staff, is looking for a venture capital investment of Rs 300 crore to expand the various businesses it has in its fold.

Mr A. Aarif, Director, Parveen Travels, said the group will look to expand its flagship travel business, the logistics business as well as its restaurant and resorts business. The group has a few restaurants under the brand PitStop, which it intends to expand. Mr Aarif said the group is in talks with a few private equity funds and the investment would be finalised this financial year. He expects the group, which has a clutch of companies operating in different segments, including holidays and forex, to hit a turnover of Rs 200 crore by the end of this financial year.

The group is also expanding into the ‘home movers' segment and has won a contract with M&M to relocate 2,000 families from Pune and Nashik to Chennai. M&M is relocating its entire automotive research wing to the Mahindra World City on the outskirts of Chennai.

The group, which owns over 1,000 luxury buses in its fleet, and transports on an average about 35,000 passengers every day, today unveiled a ‘conference/boardroom on wheels' bus, designed in-house over one-and-a-half years and fabricated in Delhi at a total cost of Rs 73 lakh.

Mr A. Afzal, Managing Director, said the company hit upon this idea as a time-saver for senior company executives who would like to put long travel times to good use.

The ‘konferenz on wheels' as it's called, can accommodate 14 people around a conference table with 360-degree rotating and swivelling chairs. The bus comes with a plasma TV, wireless Net connections, a DVD system, laptop compatibility as well as a mini pantry and a washroom.

Mr Afzal said the travel company is in talks with a variety of MNC companies it already operates fleets for as well as realtors who would like to take prospective investors to distant sites.

It is also in discussions with resorts in Puducherry, whereby, a team can finish its meeting on the bus and wind up for lunch in that coastal town.

(This article was published in the Business Line print edition dated April 28, 2010)
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