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Cox & Kings sells adventure business for Rs 260 crore

Company has long term debt of around Rs 3200 crore and it plans to pare debt by about Rs 400-500 crore in the current fiscal

BS Reporter  |  Mumbai 

Cox & Kings

Tour operator has sold its adventure tour business in Britain for 25.8 million pounds ( about Rs 260 crore) as a part of reduction measure.

has long term of around Rs 3200 crore and it plans to pare by about Rs 400-500 crore in the current fiscal.

The company informed the stock exchange today that it has sold Explore Worldwide Limited to Hotelplan UK group. Explore Worldwide which is a specialist in adventure tours is a part of which was acquired by in 2011.

"The sale of this business helps us to further increase our focus on three key verticals - leisure, education and hybrid hotels (Meininger)," said Peter Kerkar, director, Cox & Kings.

Last June the company exited the camping business in Europe, selling the segment held by its subsidiary to French travel company Homair Vacances for about Rs 892 crore.

Cox & Kings acquired in 2011 for about Rs 2,300 crore and the deal was funded with dollar debt valued around Rs 1,500 crore. A year later, Citi Venture Capital invested $140 million in Holidaybreak, which has two main business segments, education tours and camping.

First Published: Tue, December 01 2015. 17:40 IST