Pricol Travel, part of the Coimbatore-based Pricol group, is looking to acquire two companies in the corporate and luxury travel segment in the next 24 months.
“The acquisitions are valued at Rs 150 crore, and one of them is likely to be completed by the end of this year,” Pricol Travels director Vikram Mohan said.
The 11-year-old company, is targeting a three-fold jump in revenues to reach Rs 350 crore in the next three years from the current Rs 100 crore. “Last year, the company grew at 60 per cent and this year we expect to grow at 50 per cent,” he added.
Pricol generates 90 per cent of its revenues from the corporate travels segment. The company plans to add eight properties over the next five years under its Tamara brand in the form of boutique hotels, wilderness lodges and luxury villas across southern states, targeting the luxury and in-bound travellers. The focus would be on places of historical interest, hill stations, forest corridors and beaches.
“We already have a boutique leisure resort in Western Ghats close to Coimbatore and three other properties are under construction. The company aims to build 240 rooms under the Tamara brand with an investment of Rs 75 crore,” Mohan said. Pricol has partnered with Sri Lanka-based Aitken Spence for management and marketing of Tamara properties and luxury homes.
The company has also entered into a strategic partnership with CruiseBay lounge in Hyderabad to cater to the cruise-cum-leisure segment. CruiseBay deals with customised holiday itineraries.
CruiseBay, which was launched in 2008, sells cruises for 28 cruise liners.