BANGALORE-based Travel Tours Group has bought Goa-based charter and inbound tour operator Splendour Holidays, along with its MICE brand Go Avenues, to grow its inbound FIT and MICE business.
Travel Tours managing director Shravan Gupta said: “We are keen to have a serious presence in the inbound and domestic tourism business in India. The acquisition is to develop a strong domestic product portfolio and to continue to invest and develop the MICE and FIT business into India.”
Travel Tours will retain the Splendour brand and aims to position it as a boutique, high-quality DMC. Gupta said: “Splendour has added a six per cent volume to our Rs350 crore (US$79.8 million) business, and our aim is to double (Splendour’s) turnover in two years. Our target is to grow between 25-28 per cent per annum over the next three years.”
The Bangalore company aims to pursue other acquisitions for quicker growth. Travel Tours now has 10 brands and 14 branches across seven cities with 285 staff. Its B2B division, Travel Air Representations, works with more than 6,000 travel agents across India.
Gupta said: “We will continue to consolidate our presence in India for the next two years and will then look at overseas opportunities.”
By Sirima Eamtako
