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| In talks to acquire small, mid-sized travel firms: Pearl |
| Press Trust of India / New Delhi Sep 05, 2010, 12:31 IST |
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Pearl International Tours & Travel, a part of the city-based Pearl Pet Group, today said it is in talks to acquire companies with turnover of up to Rs 300 crore as part of its growth plan.
The company, which is eyeing to nearly double its turnover to cross Rs 1,000 crore mark in the next two-three years from the current Rs 540 crore, also said it could go for private equity funding to finance its growth plans.
"The target is to double our turnover in the next 2-3 years through organic and inorganic routes. We are exploring possibilities of acquiring small or medium sized travel companies, which are in similar business," Pearl International Tours & Travel (PITT) Executive Director Arjun Seth told PTI.
He said at present PITT is in talks with "a few companies that have a turnover of Rs 50 crore to Rs 300 crore that will strengthen our position" but declined to specify details and timeline for the acquisition.
Asked about funding plans, Seth said PITT will consider raising money from private equity firms.
"You cannot obviously drain out all the money that you have in your pocket. So, we would be also looking at getting PE funding," he added, but did not elaborate how much stake the company could dilute.
PITT has presence in both domestic and international markets through about 600 agents who sell travel related solutions directly to consumers accounting for about 65 per cent of its turnover.
The firm's 35 per cent revenues are generated from corporate travel sales.
As a part of its growth strategy, the company has recently opened an office in the US and tied up with US-based Tzell Travel Group that has given PITT an access to 3,000 Tzell agents.
PITT has also recently joined hands with Germany's Lufthansa City Centre (LCC), which has given it the exclusive Business Plus licence of LCC for India market.
The company offers travel solutions such as domestic and international ticketing, corporate incentives travel, leisure products, luxury holidays, foreign exchange, insurance, visa and others.
The Pearl Pet Group, primarily known for making plastic containers and packaging material, has turnover of over Rs 1,000 crore.
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