2nd February 2010: Travel operator Cox & Kings India is scouting for acquisitions in countries like the US, Canada, England, Australia and New Zealand, a senior company official said today. The travel operator, which raised Rs 610 crore through a public issue in December last year, has earmarked Rs 150 crore for funding such acquisitions. "We have a fund of Rs 150 crore earmarked for this (acquisitions). We are very comfortable with countries where the laws are familiar like the US, Canada, Australia and New Zealand...It becomes very attractive for us particularly since these countries are just coming out of recession," Cox & Kings Executive Director Peter Kerkar told PTI here.
Kerkar said the company is still on the look out and that "it could be several small companies or one large company". Last year, Cox & Kings acquired MyPlanet Australia and Bentours International, expanding its product and retail distribution presence in Australia. Besides this, it has a strong presence there through Tempo Holidays, a outbound tourism market player that it had earlier acquired. He said the company would focus on enhancing its distribution in India, through franchise sales outlets as well as internet.
Kerkar said the company is still on the look out and that "it could be several small companies or one large company". Last year, Cox & Kings acquired MyPlanet Australia and Bentours International, expanding its product and retail distribution presence in Australia. Besides this, it has a strong presence there through Tempo Holidays, a outbound tourism market player that it had earlier acquired. He said the company would focus on enhancing its distribution in India, through franchise sales outlets as well as internet.
Cox & Kings as a franchisor would grant the franchisee / entrepreneur the licensed right to own and operate a business based on the Cox and King's travel business concept, using its trademark. Cox and Kings would help the franchisee start the business, providing training, assistance with, site development and ordering inventory, advertising and marketing support. To benefit from this business opportunity, a franchisee needs 250 to 1,000 sq ft of space and to make an investment of Rs 10-15 lakh
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