Bengaluru-based Travel Tours Group (TTG) has acquired an online travel firm for an undisclosed sum to increase its focus on domestic holiday goers.
TTG, which is in the travel and tourism business for 37 years, has acquired the stake from marquee investors –Ronnie Screwvala and K. Ganesh. Currently, Travel Tours owns 100 per cent stake of the private entity.
Shravan Gupta, Managing Director Travel Tours Group, said: “We are the largest wholesaler of travel products. Inbound tourists account for 80 per cent of our business and we were looking to improve our domestic tours business. This company is focused on domestic holiday package tours and the marquee investors were planning to exit. After the completion of the deal, we will retain the company’s brand name.”
He also said that Travel Tours would join hands with two leading private sector banks to launch co-branded Travel Currency card.
“It is most useful for those travelling quite frequently. Lots of IT companies have started using the Travel card. One can pre-load the currency on the card. Currency can be reloaded by anyone from any part of the world. It is safe as it comes secured with four-digit PIN. Replacement of stolen card is done within 48 hours,” he said.
On Friday, he inaugurated the foreign exchange wing on the Old Mahabalipuram Road, Chennai. For the current year, the group is planning to clock a turnover of Rs.750 crore against Rs.515 crore registered for the corresponding period last year. Revenue from foreign exchange accounts for Rs.250 crore to Rs.300 crore and TTG aims to increase it to Rs.1,000 crore by March 2017.
Mr. Gupta said that they have drawn up plans to open 20 forex outlets within a year.
