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State-owned Balmer Lawrie & Co has taken over Vacation Exotica,a branded private travel business, for ₹20 crore.
Viren Sinha, CMD, told reporters the brand Vacation Exotica would now become a part of Balmer Lawrie’s corporate travel vertical, which accounts for around 40 per cent of its turnover.
“We have also taken over its 40,000-strong affluent Indian client base, 113 preferred overseas partners and 110 staff members of the company, including seven out of 10 promoters. Vacation Exotica has an annual turnover of ₹150 crore and is present in 216 locations,” said Sinha.
Balmer Lawrie’s existing ticketing and travel business will get a fillip as a synergised unit, he added.
“The vacation brand, though could not make profits, but invested in brand building and strategic networks. With a little financial support, this brand, already among the top five in the country, can take off.” Ravishankar, one of the Exotica promoters, would be the CEO of Balmer Lawrie’s new special business unit for vacation tourism.
Vizag logistic hub Meanwhile, Balmer Lawrie has got the final clearance from the Union Ministry of Shipping for its proposed ₹220-crore logistic hub at Vizag.
The Vizag port authority has allocated some 50 acres for setting up the hub. The project should be up and running in the next 20 months.
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