Carlson hikes stake in AFL
07 Jun 2007
New Delhi: Carlson Wagonlit Travel, the corporate travel specialist, has taken majority control of its India operations by buying 26 per cent more stake from Indian JV partner, Cyrus Guzder-promoted AFL Pvt Limited, for an undisclosed amount.
With this Carlson''s stake in the JV rises to 76. The company now plans to take the inorganic route to ramp up India operations.
Carlson has no plans to change the management of the company. Hence Praveen Gandhi would remain CEO of India operations, while Guzder would remain chairman of the board for CWT India.
Company officials said the move will pave the way for integrating the India operations with the company''s global network. Carlson Wagonlit Travel, with presence in 150 countries, is the world''s second largest travel management company.