Carlson Wagonlit Acquires Remaining Share of Indtravels
JULY 1, 2008. Carlson Wagonlit Travel has announced that it has acquired the remaining 24% of shares in Indtravels Private, now known as CWT India Private Limited ("CWT India"), from AFL Private, its joint venture partner and India's leading supply chain management company.
The acquisition underlines the company's commitment to India's growing corporate travel market, where CWT India is already the market leader with 12 offices across 10 cities and more than 1,000 employees. The transaction also highlights the strategic importance of CWT operations in India, which service a growing global client base, as well as a vast and ever-increasing portfolio of Indian "blue chip" companies.
"This acquisition comes at a very exciting time in the history of the Indian travel market," said Berthold Trenkel, President, Asia Pacific, CWT. "Business travel has increased tremendously in India over the last few years, making it one of our top three Asia-Pacific markets. With this transaction, Carlson Wagonlit Travel looks forward to more opportunities to service the Indian business traveller and to reinforce its success here."
The CWT and AFL association in India dates back more than 11 years, beginning with a partnership which was transformed into a joint venture in 2000. Under the leadership of Praveen Gandhi, chief executive officer, CWT India has grown sevenfold since its creation. Mr. Gandhi will continue to serve as chief executive officer of CWT India.
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