Pricol Travel to invest Rs 300 crore in expansion

HYDERABAD: Pricol Travel, a part of Coimbatore-based Pricol Group, will invest around Rs 300 crore to expand its portfolio of travel management services.

In five years, Pricol will add eight new luxury properties under the Tamara brand setting up boutique hotels, wilderness lodges and luxury villas in south Indian tourist attractions. The company recently acquired 50 acres near the Mudumalai forest range to build jungle lodges.

It has another joint venture with the group's property arm Pricol Properties to construct nine luxury villas in various non-metro locations across India.

"We will be setting up these villas in a phased manner with new villas coming up every six months. This project would be funded through internal accruals," Vikram Mohan, director, Pricol Travel, said.

With these expansion plans, the company expects a three-fold rise in its turnover to Rs 350 crore in three years. It is also in talks with a company operating in the corporate travel segment for a possible buyout. "We hope to complete the deal by the end of this financial year and we've earmarked about Rs 150 crore for the acquisition," said Mohan.

In addition to the new projects, it has tied up with Cruise Bay, a cruise holiday company in Hyderabad, to offer cruise itineraries.