After recently receiving shareholder approval for a plan aimed at raising about 20 billion Indian rupees, Cox and Kings Ltd announced that it is seeking acquisition investments in the US, Europe and China. A senior company official reiterated that Cox and Kings is currently actively in talks with a number of various companies.
At the time or raising the 20 billion Indian rupees, the company had reiterated its offshore expansion plans despite the fact that it already has a considerable global presence. The Indian firm’s chief financial officer, Anil Khandelwal said Monday the company was currently following some transactions keenly and may be making announcements soon.
The move comes as a step towards fomenting its global position, being the parent company to UK based Cox and Kings. As it is currently, most of the firm’s revenues are estimated to be accrued from its international operations and the investment move it has announced in the three countries might be targeted at driving up additional overseas buys to increase future earnings and secure sustainable growth.
In July, Cox and Kings Ltd got its shareholders’ approval to raise funds after it had indicated earlier in June that its ambitious expansion plans might be met with an equity funding from both local and international offerings. Cox and Kings Ltd’s latest addition to its array of international operations acquisitions is the takeover of the Australian firm MyPlanet Australia Pty Ltd & Bentours International Pty Ltd from a unit of TUI Travel Pty in 2009 December.
According to Khandelwal, Cox and Kings is hopeful that it will have sealed a deal by end of this financial year or as early as December this year. Currently, the firm boasts operations in Australia, the UK, the US, New Zealand, Japan and Singapore and it is understood to be keen on taking up a stake in a Chinese Travel firm in a bid to grow in the region, said Khandelwal.
However, for the Chinese investments, Khandelwal said the firm was not keen on 100% takeover but rather on owning minority equity stakes. The firm got the approval of its shareholders to raise about 10 billion rupees in equity and an equal amount as debt to fund its ambitious plans, Khandelwal revealed. In its recent profit postings, Cox and Kings said it had seen a 30% increase in its standalone net profit between April and June to about 264.7 million rupees.
Tags: FDI in tourism, FDI India, foreign investment in tourism, India investments, India tourism, investments in tourism, investments India, tourism FDI, tourism foreign investments, tourism India, tourism investments, tourism news