Cox and Kings is about to enter a period of “aggressive acquisition” using $80 million to be raised through floating on the Indian stock market.
Managing director Peter Kerkar said two companies, one specialising in Latin America and the other the Middle East, have been targeted for the purchase and it is hoped the deals will be in place by Christmas.
While he would not reveal the expected price of the two companies, he added the move will raise the operator’s current annual UK customer numbers from 15,000 to 130,000 and more acquisitions could be on the cards.
Kerkar said: “We have some very exciting plans and we have a very aggressive acquisition strategy.
“We are looking outside of India for long-haul travel specialists who offer customers high levels of service. We’re only interested in customers from the top end of the market.”
He said if the deal goes through the two companies would be able to keep their own names and branding and operate accordingly, rather than being absorbed into Cox and Kings.
The flotation on the Indian stock exchange is expected to be completed by March, making it the first travel company to be listed on the market.
Cox and Kings UK’s sister company, Cox and Kings India, which has seen year-on-year growth of up to 60%, will be floated.
Legally, the companies will be required to make some backroom changes in order to become more closely aligned, but the UK trade will not notice any differences.
Kerkar said: “Cox and Kings UK will remain independent from Cox and Kings India while the money raised will be used purely for acquisitions.”