Kuoni to buy Distant Frontiers
Kuoni Travel Group India, a wholly owned subsidiary of the Switzerlandbased Kuoni, is at it again.
By Reeba Zachariah, TNN |
MUMBAI: Kuoni Travel Group India, a wholly owned subsidiary of the Switzerlandbased Kuoni, is at it again.
The tour operator is set to acquire Distant Frontiers, a company focussing on the incentive , group and individual travel segment. Details about the transaction could not be ascertained. It is learnt that Distant Frontiers is valued in the range of Rs 35- 40 crore.
Kuoni will make an announcement to this effect on Thursday. The move is to consolidate its position in the meetings, incentives, conferences and exhibitions (MICE) space, which is growing at 15-20 % annually.
Kuoni already has a presence in this area through its brands SOTC and SITA MICE. Distant Frontiers is an Indo-French joint-venture with its two partners based in New Delhi and another in Paris respectively.
It is estimated that the total national and international MICE meetings market all over the world is in excess of $270 billion.
Kuoni entered the Indian market through the acquisition of SOTC in 1996 and since has been growing inorganically.
The tour operator is set to acquire Distant Frontiers, a company focussing on the incentive , group and individual travel segment. Details about the transaction could not be ascertained. It is learnt that Distant Frontiers is valued in the range of Rs 35- 40 crore.
Kuoni will make an announcement to this effect on Thursday. The move is to consolidate its position in the meetings, incentives, conferences and exhibitions (MICE) space, which is growing at 15-20 % annually.
Kuoni already has a presence in this area through its brands SOTC and SITA MICE. Distant Frontiers is an Indo-French joint-venture with its two partners based in New Delhi and another in Paris respectively.
It is estimated that the total national and international MICE meetings market all over the world is in excess of $270 billion.
Kuoni entered the Indian market through the acquisition of SOTC in 1996 and since has been growing inorganically.
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