Parveen Travels to invest Rs 250 cr to expand fleet

Travel operator Parveen Travels is looking at investing about Rs 250 crore to expand its fleet and is in the process of discussing with private equity fund managers to raise funds, a top official said today.
The city-based company, which has a fleet strength of over 1,200 vehicles offering inter-state and inter-city long distance services, was looking to raise funds to expand its fleet, Parveen Travels Managing Director, A Afzal said.
"We are planning to invest about Rs 250 crore to triple our volume. We are talking with some PE. Initial discussions are going on. The dilution part is yet to be decided", he told reporters here.

Afzal who was here to receive the first set of keys from Swedish-commercial vehicle maker Scania for offering service between Chennai and Kochi, said they planned to add another 50 buses from Scania as part of expanding the fleet.
"We are not replacing the current fleet. We are adding 50 buses to the existing fleet. Actually a lot of people opt for more high-end coaches. So we will be purchasing buses of 13.7 metre and 14.5 metre size," he said.