Anthony Grigson, COO of FCm Travel Solutions, with Rahul Nath, chief executive officer of Friends Globe Travel Limited, in New Delhi on Friday. Picture by Ramakant Kushwaha

New Delhi, March 4: Australia-based Flight Center Limited (FCL) today acquired a 51 per cent stake in Friends Globe Travel Limited (FGTL), the largest Indian corporate travel company, for a price of Australian $8.5 million (approximately Rs 35 crore).

The new joint venture will operate in India by the name of FCm Travel Solutions. Under the contract, FCL will buy the remaining 49 per cent stake by 2010.

?This will entirely depend on the company?s performance in India post joint venture. The price, which FCL will pay for acquiring the balance 49 per cent equity, will be at least 3-4 times the present amount,? said Rahul Nath, chief executive officer of FGTL.

The Australian travel company does not plan any more acquisitions in the country in the near future. However, in Asia, it plans acquisitions in Japan, Malaysia, Taiwan, Korea and Thailand.

Anthony Grigson, COO of FCm Travel Solutions, said, ?Our entry into India will give us a strong footing in the vital Asia-Pacific region. With more and more multinational companies moving into India, there is an increasing demand of business travel managers who can provide both regional and global services.?

FGTL is planning to raise its annual sales growth target from 25-30 per cent to 35 per cent in future. The company has a sales turnover in the region of Rs 370 crore, and hopes to achieve Rs 700 crore target by the end of 2006.