Pricol Travel plans two acquisitionsJune 27th, 2011 - 5:31 pm ICT by IANS
Hyderabad, June 27 (IANS) Pricol Travel, part of the Coimbatore-based Rs.1,500-crore Pricol Group, is looking at acquiring two companies and hopes for a three-fold increase in its turnover.
Vikram Mohan, Director, Pricol Travel, told reporters here Monday that the company planned to acquire two firms in corporate and leisure travel over the next 24 months. The acquisitions are expected to be of the value of Rs.150 crore.
The travel management company is already in talks and hopes to complete one acquisition by the end of the current financial year.
Pricol expects Rs.120 crore revenues during the current year but with the acquisition it is likely to cross Rs.200 crore. The revenues in the third financial year will be Rs.350 crore, he said.
The company, which is focused only in south India, plans to expand its operations to the north with the two acquisitions.
It already has a boutique leisure resort in western Ghats close to Coimbatore and three other properties are under construction. “We will add eight new properties in five years under the Tamara brand in the form of boutique hotels, wilderness lodges, and luxury villas,” Mohan said.
With plans to enter cruise-cum-leisure segment in a big way, Pricol announced launch of CruiseBay lounge in Hyderabad. CruiseBay, which claims to be India’s first cruises-only holiday company, will open the lounge at Pricol’s office.
Nikhil Thakurdas, CruiseBay director, said the lounge, the sixth such in India, would sell cruises for 28 cruise liners across the world. The firm already has sent over 500 passengers on cruise holiday from five cities.
He feels cruising has a huge potential in India. The market is growing at 15 percent per year.
Out of 12 million outbound travellers in 2010, only 75,000 went on a cruise holiday.
He attributed this small number to misconceptions among Indian travelers about cruising as a holiday.
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Tags: acquisition, acquisitions, boutique hotels, coimbatore, cruise holiday, cruise liners, holiday company, june 27, leisure resort, leisure travel, luxury villas, misconceptions, mohan, rs 200, south india, tamara, travel management company, travellers, turnover, wilderness lodges