Dinesh & Tani Dhamija

London, Dec. 3: What do you do if you have ?92 million ? Rs 7,821,398,400 at the current exchange rate ? swishing around in your bank account?

This is the problem that faces the Indian businessman, Dinesh Dhamija, 52, one of Britain?s most successful entrepreneurs, who is selling his online travel firm, ebookers, to the American real estate group, Cendant, for ?209 million.

Dhamija, who began his business back in 1980 with his wife Tani, 51, from a small room in London?s Earl Court, will receive ?86.7 million in a cash deal for his 41.5 per cent stake in ebookers.

Such is Dhamija?s reputation that Cendant, which is also in the travel business as well as being the owner of the Avis and Budget car rental groups, is paying the Indian an extra ?5 million not to set up a rival company for, at least, 10 years.

He is also receiving ?700,000, the sort of money most businessmen would regard as a golden goodbye, for the termination of his 12-month contract.

Gordon Wilson, the head of Cendant?s travel distribution business, said yesterday: ?I think Dinesh is looking for some fresh challenges.?

Dhamija, who always affects smart suits ? he does not believe in the dress-down culture ushered in by the dotcom revolution ? may have a little more time for golf.

It is understood that the Cambridge-educated Dhamija, who is to step down as chief executive of ebookers in early 2005, may make himself available as a consultant to Cendant.

Wilson promised that there would not be any job losses among ebookers? staff. The company, which runs websites in 13 European countries, employs about 1,800 people, with 950 at its business process outsourcing facility in New Delhi.

?We haven?t bought ebookers in order to make job cuts but to grow what it?s already got,? said Wilson.

Although ?92 million is a king?s ransom for an individual, Dhamija could have made more than ?130 million if he had sold ebookers when the going was good.

Ebookers shares were above 600 pence before the war in Iraq but plunged to 140 pence last July after a profit warning. Ebookers, which has not made a profit since it was floated in April 2001, was in effect put up for sale in September. Eighteen months ago, ebookers shares were changing hands at more than 600 pence but Cendant?s recommended offer was pitched at 320 pence a share.

In November last year, friends of Dhamija and his wife accused one institutional investor of ?mischief making? when the latter objected to a ?880,000 cash bonus for Tani. The money was reward for extra work Tani had done in restructuring the company and expanding its call centre operations in India.

Dhamija defended his wife, saying: ?Women these days don?t like being taken for granted. It?s very important they get credit for what they do.?

One of Tani?s friends also dismissed the notion that she had been an idle wife, who had been given a huge bonus as a tax dodge.

?I don?t know the rights and wrongs of the method of payment but without her, there would be no company,? the friend remarked. ?She has worked for the company from Day I.?

Tani, who is the daughter of General P. Malhotra, a former chief of the army staff, met her husband when she was working as an Air-India air hostess. She and her husband, who celebrated their 25th wedding anniversary in 2003 by inviting their friends to a cruise on the Nile, have two sons, Biren and Darun.

While many online businesses come and go, Dhamija argues that travel is especially suited to the web. ?Gambling is one thing that works, pornography is another, and travel is another.?