TUI eyes Indian outbound market
WTTC Summit Special: Following his company’s 50% acquisition in a leading India tour operator, TUI AG chairman, Michael Frenzel has announced his intention to develop India’s outbound business.
As reported by TravelMole this week, TUI AG has signed a joint venture with Le Passage to India following a deal to acquire 50% of the company for an undisclosed sum.
While inbound tourism from Europe will be a focus, TUI hopes to develop the brand in India and capitalise on the country’s growing middle classes. Statistics released by TUI suggest there are up to 70 million middle class Indians who can afford a trip abroad – that’s more than the total population of the UK.
Mr Fenzel said he opted for a joint venture because TUI favoured working with a local partner rather than starting up in a country from scratch. But the company will use the TUI brand for the outbound market.
TUI aims to recieve 100,000 visitors from Europe through the joint venture over the next three years.
Le Passage doubled its turnover in 2004-05 to $20.7 million and expects to end this financial year with further increases, taking turnover to $29.5 million.
Report by Ginny McGrath
Ginny McGrath
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