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Future Retail completes acquisition of Travel News Services

Press Trust of India  |  New Delhi 

Ltd today said it has completed acquisition of Services (India) by paying Rs 65.42 crore in cash to the latter's shareholders for the entire stake.

Consequent to the acquisition of the entire share capital, TNSI became a wholly owned subsidiary of the company, Ltd said in a filing to BSE.

"By virtue of said acquisition, the subsidiary companies of TNSI---TNSI Pvt Ltd (TNSI Retail) and (WRPL)--have also became step down subsidiary/ies of the company," the filing said.

WRPL is a joint venture of TNSI into which TNSI holds 51 per cent of the share capital.

Kishore Biyani-led Future Retail had said in January that it will fully acquire TNSI in a Rs 100 crore deal, a move which would help the company to consolidate further its retail business.

The acquisition will help Future Retail to expand its presence at airports, metro stations and universities where the majority of of TNSI and TNSI Retail are operating, the company had said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 11 2018. 22:30 IST