"The move was the part of the restructuring process and the three-year development plan of the parent company in India," said chairman and managing director Ranjit Malkani.

The Swiss company is bullish about the business from India and expects a sharp rise in the turnover every year, he said. The company plans to double its turnover by the end of the year.

There is a substantial growth potential for outbound travel from India in the next few years, Kuoni International executive vice-president Peter Fankhauser said.

The European firm, which is almost 100 years old, first entered the Indian market in 1996 by acquiring a majority stake in SOTC. Later it acquired the entire holding by investing Rs 65 crore.

In the six months ended June 30, turnover from the Indian sector increased 74 per cent to Rs 70 crore, compared with Rs 39 crore during the corresponding period in the previous year, Malkani said.

This rise in turnover is attributed to the significant investment made by the foreign company for expansion. The company has already grown in size with 26 new offices opened in the country in one year, against six branches earlier. It also launched several new products after the new management took over.

The new company automatically draws benefits of the global network and brand equity of the parent company which has 196 offices worldwide. The wide range of business of Kuoni Travel includes tour operations, airlines, hotels, hotels, railways, business travel, special interest travel, beach holidays, safaris, charters and retail.

Under the restructuring process, initiated by the foreign company, Kuoni India now has three divisions, including SOTC's tours to market packaged tours, Happi holidays to market holiday tours on pay later scheme and Free individual travellers. The company has relaunched its Happi holiday package with greater benefits, said Malkani.