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Business

TUI Enters Indian Travel Market

Germany's TUI, Europe's leading tourism group, said Thursday it was entering the Indian tourism market by acquiring a 50 percent stake in one of India's leading travel agencies, Le Passage to India Ltd. Financial details were not disclosed. "India is a growth market with a great deal of potential," TUI chairman Michael Frenzel said after signing the joint venture contract in New Delhi. The World Tourism Organization estimates that the number of Indian tourists is set to increase by around 10 percent every year, with 45-70 million people from the Indian middle classes able to afford trips abroad, TUI said. The joint venture would also cater for European holidaymakers in India, the German group added.

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