COX & Kings subsidiary Holidaybreak is selling off its camping division to Homair Vacances, a group specialising in outdoor holidays in France.
The deal has been finalised at Rs8.9 billion (US$149.9 million), which is expected to help Cox & Kings reduce its Rs42 billion debt. The transaction will be completed in three months.
Peter Kerkar, director, Cox & Kings, said: “Our strategy is to become a leisure and education travel group. The sale of camping division will allow us to focus on these businesses.”
“We have also realised that camping holidays are not very popular with Indians.”
The camping division provides outdoor family holidays at over 170 third-party owned campsites across 12 European countries, and was absorbed by Cox & Kings its acquisition of Holidaybreak for in 2011.
Cox & Kings will launch its first outdoor education site in India this financial year with facilities including accommodation, study trips, summer camps etc.
