OBEROIS FORM TOURISM JV WITH GERMAN PROMOTER
Article Abstract:
The Oberoi Gorup's tourism arm, Mercury Travels, has formed a joint venture with a German promoter, Chees Ebersberg. The joint venture, Vision Travel GmbH (VTG), will have Mercury Travels holding 80 percent stake in it. The Oberoi Group has invested DM600,000 in the equity capital of VTG. VTG is located in Berlin and will have a network of travel agents who will sell destinations and products within Germany to German tourists on a commission/incentive basis. While VTG will not have to invest substantially in increasing its own sales offices in Germany, the ticketing and reservations would be done by VTG's centralised office in Berlin. The agents will pay VTG a fee for using its telecommunications and computer network. VTG has recruited around 1,200 agents in Germany and hopes to increase this number to 1,800 by the end of 1998. With the formation of VTG, the Oberoi Group has become the first large Indian hospitality chain to set up a tourism company abroad. VTG is the first company in Europe to launch the concept of direct marketing in tourism and travel related products. (tsm)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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AFTER TAJ, KTDC KICKS OFF JV WITH OBEROIS IN KERALA
Article Abstract:
The Oberoi group and the Kerala Tourism Development Corporation Ltd (KTDCL) have jointly floated Oberoi Kerala Hotels and Resorts Ltd (OKHRL). The joint venture is KTDCL's second venture, the first being Taj Kerala Hotels and Resorts Ltd. The new company will set up a 25-room hotel at Thekkady at a cost of Rs8 crore. While the KTDCL will hold a 20 percent stake in the venture, the Oberois will hold a 40 percent stake in the venture. The public will also be offered a 40 percent stake in the project. OKHRL is Oberoi group's first entry into Kerala. (ag)
Comment:
Forms Oberoi Kerala Hotels & Resorts w/ Oberoi to set up 25-room hotel at Thekkady at cost of Rs8 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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OBEROIS TO INVEST $24 M IN MAURITIUS HOTEL
Article Abstract:
The Oberoi Group plans to invest $24 million in a new hotel property in Mauritius. It will be an all-suite hotel with 80 suites, facing the beach at Balaclava on the northern coast of the country. Construction has begun and the hotel is scheduled to commence operations by May 2000. The project will be financed through a mix of equity and debt, with about 40 percent of the cost being financed by the Oberoi Group and 60 percent through loans from African Development Bank and other local banks in Mauritius. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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