Cox & Kings keen to consolidate through global acquisitions
14 Nov 2009
The oldest travel company in the world, dating back to 1758 as Cox & Co, luxury tour and travel operator Cox & Kings is looking at small global buys to consolidate its position in the international market according to top company official.
Anil Kandelwal, chief financial officer Cox and Kings said the company was looking at global acquisitions to further consolidate its position.
He added that the company expected to raise Rs610 crore from its forthcoming initial public offer, of which Rs150 crore would go toward financing these acquisitions.
The company today fixed the price band for its IPO between Rs316 and Rs330 per share. Khandelwal added that the company was looking at opportunities to propel its growth both through organic and inorganic ways.
The company plans to enter newer markets and geographies through acquisitions that would help it increase its service offerings, he said.
The company has formulated strategies to focus on upmarket long haul tour operators, who offer whose service offerings include the Indian subcontinent complementing Cox & King's existing worldwide product portfolio, Khandelwal said.
He added it would enable the company to consolidate its sourcing needs, allowing better buying power and yielding savings in cost. Additionally, it would also fit into the company's strategy involving gaining new clients and expanding its service offerings.
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