Carlson Wagonlit Travel (CWT) has acquired an additional 26 percent stake in its Indian joint venture from AFL Private Ltd. (7/5/2007)
The world’s second-largest travel management company now has majority control of the joint venture with a 76 percent ownership stake. AFL Private Ltd. will continue to be the remaining shareholder.
The CWT joint venture in India dates back more than 10 years, beginning with a partnership, which was transformed into a 50/50 joint venture in 2000. Since then, under the leadership of Praveen Gandhi, CEO, CWT India, the JV has grown from sales of US$42 million to more than US$230 million in 2006.
Gandhi will continue to serve as CEO, while Cyrus Guzder, Chairman, AFL Private Ltd., will remain Chairman of the board for CWT India.
