Diversified state-owned Balmer Lawrie & Co today acquired tour operator Vacations Exotica for Rs 20 crore to give a boost to its package-tour business.
"We have acquired tour operator Vacations Exotica for Rs 20 crore," Chairman and Managing Director Viren Sinha told reporters.
The company came into existence in 2007 and is yet to break even.
"We are not that strong in package tours as we are in ticketing. That is why this acquisition will add synergy to our business," Sinha said.
The acquisition is expected to generate additional revenue of Rs 300 crore in 2014-15, he said.
Vacations Exotica, a part of Vacations Exotica Destinations Pvt Ltd, has a national presence and runs outbound tour packages mostly to Europe, the Far East and South Africa, he said.
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