Cox & Kings to invest over Rs 1,230 cr in 4 yrs

To invest around 120 million euros for expansion of Meininger Hotels globally

Leisure and Education travel firm Cox & Kings today said it will invest over Rs 1,230 crore in next four years as part of its global expansion plans.

"We will be investing around 120 million euros (over Rs 936 crore) for expansion of our Meininger Hotels globally and another Rs 300 crore for opening of PGL centres in India in next four years," Cox & Kings Director Peter Kerkar told PTI.

The company will be adding 18,500 new beds in Meininger Hotels to the present bed strength of 7,500 beds. The new hotels will be UK, Europe, America and India, he added.

"We will also be investing around Rs 300 crore to open 5 PGL centres in India in next four years. PGL's largest area of business is school trips and educational travel," Kerkar said.

When asked how the company plans to raise financials for the growth plans Kerkar said: "It will be done through internal accruals."

The five new PGL centres will have an area ranging from around 25 acres to 150 acres depending on the location.

"While three PGL centres will come up at places near Mumbai, near Delhi, near Jaipur, there will be one centre in Gujarat and one in the hills," Kerkar said.

The company currently has 33 PGL centres. There are 21 centres in UK, 2 centres in Spain, 10 centres in France.

PGL centres are part of Holidaybreak company that is a subsidiary of Cox & Kings.

Cox & Kings had posted consolidated income from operations of Rs 1,809 crore and consolidated PAT of Rs 248 crore for the fiscal year ended March 2013.

The company has over 12 fully owned offices across the country in cities such as New Delhi, Chennai, Bangalore, Kolkata, Ahmedabad, Kochi, Hyderabad, Pune, Goa, Nagpur and Jaipur.

It's worldwide offices are located in UK, USA, Japan, Russia, Singapore and Dubai with associate offices in Germany, Italy, Spain, South Africa, Sweden and Australia.