New Delhi, June 8:International Web Travel Pvt Ltd (IWTPL), a company promoted by eVentures India Holdings and incorporated in Mauritius, is buying out Indian company Travel By Web for $2 million. It has applied to the Foreign Investment Promotion Board for permission to fully take over the operations of the Indian company in which Deep Kalra-promoted Travogue Electronic Web Travel Pvt Ltd is also likely to own between 10 and 15 per cent at a later stage. The investment will be ramped up in phases later.IWTPL will be buying 9 lakh shares of Rs 10 face value each amounting to 100 per cent of the paid up share capital of Travel By Web (TBW). The company has been set up by eVentures to act as a global investment holding umbrella company to promote travel and leisure industry globally and is expected to announce more such investments in India soon. TBW proposes to set up a site that will ``provide opportunities for enjoyable travel to, from and within India''.
It plans to provide best-in-class travel content and transaction capabilities, supported by strong offline service providers, including tour operators and hospitality chains overseas. Its main target will be non-resident Indians and foreign tourists to whom it will sell specially customised travel packages. Besides, its content will include a lot of information on known and not-so-known destinations for which it will be striking alliances with the tourism boards of the respective states.Interestingly, the company has projected a foreign exchange earning ranging between $160 million and $170 million through various services and products.
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