Future Retail Completes Acquisition of Travel News Services
Future Retail Ltd today said it has completed acquisition of Travel News Services (India) by paying Rs 65.42 crore in cash to the latter's shareholders for the entire stake.
New Delhi, May 11 (PTI) Future Retail Ltd today said it has completed acquisition of Travel News Services (India) by paying Rs 65.42 crore in cash to the latter's shareholders for the entire stake.
Consequent to the acquisition of the entire share capital, TNSI became a wholly owned subsidiary of the company, Future Retail Ltd said in a filing to BSE.
"By virtue of said acquisition, the subsidiary companies of TNSI---TNSI Retail Pvt Ltd (TNSI Retail) and Welcome Retail Pvt Ltd (WRPL)--have also became step down subsidiary/ies of the company," the filing said.
WRPL is a joint venture of TNSI into which TNSI holds 51 per cent of the share capital.
Kishore Biyani-led Future Retail had said in January that it will fully acquire TNSI in a Rs 100 crore deal, a move which would help the company to consolidate further its retail business. The acquisition will help Future Retail to expand its presence at airports, metro stations and universities where the majority of retail outlets of TNSI and TNSI Retail are operating, the company had said.
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