Carlson Wagonlit acquires majority stakes in AFL Pvt Limited

Mumbai, Jul 9 (UNI) Carlson Wagonlit Travel (CWT), the world's second-largest travel management company, announced today that it had acquired an additional 26 per cent stake in its Indian joint venture with AFL Private Ltd.

According to a statement here today, the company now has majority control of the joint venture with a 76 per cent ownership stake.

However, AFL Private Ltd will continue to be the remaining shareholder.

This transaction underscores the ongoing commitment CWT has to India's corporate travel market and the importance of its operations in India, which serve a growing global client base as well as a vast and ever-increasing portfolio of Indian 'blue chip' companies, the statement said.

The CWT had entered into joint venture with AFL some 10 years ago, beginning with a partnership which was transformed into a 50:50 joint venture in 2000. Since then the joint venture has grown from sales of USD 42 million to more than USD 230 million in 2006.

Said to be a dominant players in the travel market, CWT today has 12 offices across 10 cities and more than 800 employees, while AFL has 1,800 employees and annual sales of USD 200 million.

UNI