Travel firm Cox & Kings today said it had acquired a stake in US-based travel company Radius for an undisclosed amount.
"Cox & Kings has subscribed to the share offering of Radius through its Singapore subsidiary," Cox & Kings said in a release here.
The company did not divulge the stake or the amount involved in the deal. "We can not disclose the stake at this time. It is not a majority stake but it is also not a minority stake," a company spokesperson said.
Cox & Kings operates in 20 countries through branch offices, subsidiaries, representative offices, franchised sales shops, global network of sales agents and caters to the overall travel needs of Indian and international tourists.
"We believe that this investment will further strengthen our ongoing partnership with Radius and provide us with the scale to service our existing blue-chip corporate customers in India and service their requirements in international markets where we do not have a presence," Cox & Kings Director Peter Kerkar said in the statement.
Radius is present in more than 3,600 locations across 80 countries and it will use the fund to rescale its infrastructure, it said.
"This investment will allow us to take full advantage of the current market opportunity. Cox & Kings is one of our key shareholders in India and they are poised to grow and become a leading corporate travel player," said Radius President and CEO Chris Vasiliou.
Radius clocked a combined annual sale of $21 billion and registered a growth of more than 200% in the last three years, the statement said.