Pricol Travel to expand services
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Pricol Travel , a part of Coimbatore-based Pricol Group , will invest around INR 300 crore to expand its portfolio of travel management services, an Economic Times report said. It said in five years, Pricol would add eight new luxury properties under the Tamara brand setting up boutique hotels, wilderness lodges and luxury villas in south India.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, was quoted saying.With these expansion plans, the company expects a three-fold rise in its turnover to INR 350 crore in three years. The paper said Pricol Travel was 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 INR 150 crore for the acquisition,” Mohan was reported saying. In addition to the new projects, it has tied up with Cruise Bay, a cruise holiday company in Hyderabad , to offer cruise itineraries.
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