Cox & Kings zeroes in on acquisitions

Travel firm Cox & Kings (I) Ltd (CKIL) is looking to acquire travel firms and has zeroed in on targets both in India and overseas. The company is optimistic of closing at least one transaction within this fiscal.

The company is looking at transformational acquisition targets both in India and overseas. In the current business environment international markets look much promising in terms of valuations. It is thus looking at assets in markets like Australia, the US, Canada and the UK.

Without divulging specifics, the company said that capital outlay for acquisitions will be in line with what they have paid for earlier buys. The travel firm had earlier made two acquisitions one each in the US and Australia. In December 2009, its wholly owned subsidiary, Cox and Kings Australia Pty Ltd, acquired 100% stake in an Australian firm, MyPlanet Australia Pty Ltd & Bentours International Pty Ltd.

This was its second Australian acquisition in a year’s time. Earlier in November 2008, the company had acquired another Australian firm Tempo Holidays for AUS$25 million. In the US, CKIL acquired East India Travel Company Inc, which is in the business of selling up-market tour and travel packages. The US acquisition was done in April 2009 for $15 million.