Yatra Online to acquire Globe Travels for Rs.128 crore

Yatra Online Ltd has recently been in the travel industry news with its latest announcement —acquiring Globe Travels from Ramkrishna Forgings Ltd for Rs.128 crore (about $15 million). This deal, set to be completed through Yatra’s Indian arm, is a play to boost its corporate travel services.

Deal Details: What’s on the Table?

So, what’s the buzz? Globe Travels, based in Kolkata, reported a turnover of Rs.250 crore last year—an impressive 17% jump from the year before. With this acquisition, Yatra is bringing in Globe’s impressive portfolio of around 360 corporate clients and annual bookings close to $90 million. This means Yatra’s corporate customer base is about to grow by 40%, adding to its current 850 clients.

Why This Matters

Dhruv Shringi, Yatra’s co-founder and CEO, is excited about the deal, saying it’s all about strengthening their game in corporate travel and MICE (meetings, incentives, conferences, and exhibitions). “This acquisition is a game-changer for us. We’re looking to offer an even better and more personalized travel experience,” Shringi said.

The real news? Yatra plans to integrate Globe’s traditional offline booking system into its digital platform, promising greater efficiency and cost savings for Globe’s clients.

Ramkrishna Forgings’ New Focus

For Ramkrishna Forgings, selling Globe Travels is going to be strategic. The company plans to use the sale proceeds to dive into the aluminum forgings sector, especially focusing on electric vehicles. Ramkrishna originally took up Globe in April 2013, and now, they’re pivoting back to their core business areas like automotive and industrial products.

Conclusion: Wrapping It Up, Yatra Online’s acquisition of Globe Travels is more than just a business deal—it’s a move to strengthen its corporate travel services and expand its market reach. As Yatra gears up to bring Globe into its fold, the stage is set for a new chapter in their journey, targeting  bigger things in the travel industry.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.