GERMAN travel giant TUI has increased its ownership share in Le Passage to India for a controlling stake in the DMC in a bid to fend off other major international players in the Indian market where TUI is a relatively late entrant.
News of the move surfaced earlier this week, but no details have been released on the size of TUI’s new stake, and Le Passage to India’s managing director Arjun Sharma was unavailable for comment at press time.
Vishal Sinha, COO of Le Passage to India, was reported to have confirmed the transaction and did not rule out further acquisitions in future.
TUI owns six retail shops in Mumbai and Delhi NCR, while Le Passage to India is present in all major Indian cities.
TUI is consolidating its position in the Indian market, which is expected to grow 7.3 per cent in 2014 and is now dominated by international travel companies such as Thomas Cook, Kuoni and Cox & Kings which are also jostling for positions through acquisitions.
Balmer Lawrie, another such player, bought out Vacations Exotica in February this year.
