Transcorp gets shareholders' nod for biz transfer to arms

Transcorp International today said it has received a shareholders' approval to transfer its travel and real estate business to two of its subsidiaries.

The company's board in its extra ordinary general meeting has decided to focus more on travels and tours segment by approving the transfer of its travels and tours section called Ritco Travels, and car rental division named Wheels Rent A Car to a wholly-owned subsidiary, it said in a statement.

Besides, the unutilised real estate of the company is also being transferred to another 100-per cent subsidiary with the aim of making its business in an organised manner over the next few years, it added.

Commenting on the move the company's Director Ashok Agarwal said: "To bring sharper focus in the Travel Business, a separate dedicated team of professionals would focus on growing this vertical exponentially."

He also mentioned, "the unutilised Real Estate having commercial potential is being transferred to a wholly-owned subsidiary with the objective of eventually monetizing the same in an optimal manner over the next few years."

With a turnover of more than Rs 2,500 crore, Transcorp International is one of the leading player in Inward Remittance, Foreign Exchange, Travels & Tours business in the country.