1. FCM Travel Solutions acquires Travel Tours Group

FCM Travel Solutions acquires Travel Tours Group

FCM Travel Solutions, Indian arm of Australia-headquartered Flight Centre Travel Group, has acquired Travel Tours Group (TTG).

By: | New Delhi | Published: October 6, 2016 2:47 PM
The company said it was a cash and stock deal but did not disclose any financial details of the acquisition. (Reuters) The company said it was a cash and stock deal but did not disclose any financial details of the acquisition. (Reuters)

FCM Travel Solutions, Indian arm of Australia-headquartered Flight Centre Travel Group, has acquired Travel Tours Group (TTG).

The company said it was a cash and stock deal but did not disclose any financial details of the acquisition.

“This partnership propels us into a Rs 3,000 crore enterprise and one of the top three players in all the core travel segments we operate in,” FCM Travel Solutions Managing Director Rakshit Desai said.

India is poised to become one of the world’s major travel markets and this partnership will enable FCM to achieve its goal of being the largest customer focused travel player in the country, he added.

As part of the agreement, Shravan Gupta, MD of TTG, joins the board of FCM and assumes leadership of the leisure business, FCM Travel Solutions said in a statement.

“We are very excited to be a part of the Flight Centre group and are confident that our combined strength will help achieve our ambitious growth plans at a much faster pace,” Gupta said.

TTG offers a gamut of travel services including leisure, corporate travel, MICE, visa, inbound, wholesale and Forex.

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