Kesari Tours mulls Rs 100 cr IPO

Leading tour operator Kesari Tours and Travels is mulling a Rs 100-crore IPO before the end of the next financial year to part-finance its expansion plans.

"We are contemplating raising resources either by way of an IPO or private placement in FY09," Veena Patil, chairman and managing director of Kesari Tours, said.

The company, which has been growing at nearly 40 per cent, is also receiving several proposals for joint ventures. "We are also receiving several proposals for joint ventures from leading foreign tour operators, who want to have a presence in India," she said, adding, "Two foreign funds have evinced interest in investing $25 million in our company."

Kesari Tours, celebrating its 23rd anniversary, clocked a turnover of Rs 235 crore in FY07 and is eyeing a turnover of Rs 345 crore in FY08.

"We hope to clock a Rs 500-crore turnover in FY09" she said. The company's growth strategy includes strengthening its network to serve tourists across the country.