Industry Overview

Worldwide Travel and Tourism Industry

Since 2004, the annual increase in travel & tourism economy GDP has averaged 4% in real terms faster
than that of the global economy overall. And in the same period, travel & tourism has created more
than 34 million jobs. Although growth is expected to slow in 2008, in line with the recent deterioration
in the economic environment in developed economies, led by the USA, WTTC forecasts are still positive
pointing to a 3% increase in Travel & Tourism Economy GDP and 6 million additional Travel & Tourism
Economy jobs worldwide.
World travel & tourism is expected to contribute nearly US $5,890 billion to global GDP in 2008
(equivalent to 9.9% of total GDP), rising to approximately US$10,855 billion over the next ten years. The
current global economic downturn will only have a moderate impact on Travel & Tourism Demand in
2008, with the annual growth rate experiencing a slight slowdown to 3.0%, as against 3.9% in 2007.
Looking past this present cyclical downturn, the long-term forecasts point to a mature but steady phase
of growth for world Travel & Tourism between 2009 and 2018, with growth averaging 4.4% per annum
over the period, supporting 297 million jobs and 10.5% of global GDP by 2018.
In terms of regional performance, Africa, Asia Pacific and the Middle East are experiencing higher
growth rates than the world average, in terms of total Travel & Tourism Demand, at 5.9%, 5.7% and
5.2% respectively, while the mature markets most notably the Americas and Europe are falling below
the world average with growth of 2.1% and 2.3% respectively. Source: World Travel & Tourism Council
(WTTC); Progress and Priorities, 2008 2009
India Travel and Tourism Industry
India is an attractive and preferred tourist destination. A 5,000 years history, rich cultural heritage,
natural beauty, diversity of religion and alternative medicine fascinate budget and luxury travelers alike.
Tourism in India has registered significant growth in the recent years. In 1951, international tourist
arrivals stood at around 17,000 which have gone up to 4.45 million in 2006 and 5 mn in 2007. Indian
tourism is one of the most diverse products on the global tourism scene. India has 26 world heritage
sites. It is divided into 25 bio- geographic zones and has wide ranging eco tourism products. Apart from
this, India has a 6,000 km coastline and dozens of beaches. India's great ethnic diversity translates into a
wide variety of cuisine and culture. India also has a large number of villages, plantations and adventure
locations. India is home to a great variety of wildlife and its wildlife reserves are well known throughout
the world. It also has one of the world's biggest railway systems opening possibilities for those
interested in rail tourism. India also has excellent hospitals offering affordable medicare and traditional
healthcare systems like Ayurveda.
With rising incomes, growing aspirations and increasing globalization the domestic tourism is also on the
rise. More Indians are traveling domestically and aboard, for leisure. A growing airline industry, cheaper
fares and improvement in the travel related infrastructure has contributed to this. Tourism sector holds
immense potential for Indian economy. It can provide impetus to other industries through backward
and forward linkages and can contribute significantly towards the countrys GDP. According to the
Tourism Satellite Account of India (TSA), tourism contributes to 6% of the total GDP and its share in
employment; both direct as well as indirect is 9%. Tourism employs approximately 24.5 million people
across India (both direct as well as indirect), which is 5.6% of the total employed workforce of India.
(Source: Euromonitor International, October 2007, Travel and Tourism India)
The Tourism business in India can be generally classified into 3 areas viz. Outbound Tourism, Inbound
Tourism and Domestic Tourism. The same is explained as under:
Outbound Tourism
A booming economy, rising disposable incomes, higher aspirations, cheaper international air travel and
better products from the industry has boosted outbound tourist flow. The number of outbound
travelers from India has increased from 1.94 mn in 1991 to 8.2 mn in 2006.
Inbound Tourism
Focused marketing of tourism products and branding of India as a high value destination coupled with
policies targeted at strengthening of tourism infrastructure by the Ministry of Tourism have been
responsible for a healthy growth in international tourist arrivals to India. Over the years, the arrival of
foreign tourists has grown from about 17,000 in 1951 to 4.45 mn in 2006 and 5 mn in 2007. During the
first 7 months of the current year, 2008, the figure is estimated at 3.15 mn arrivals. Foreign exchange
earnings from foreign tourist arrivals in India during 2006 and 2007 were approximately INR 40,375
crores and INR 47,925 crores respectively, a growth of about 18.7% over the previous year. For the first
7 months of the current year, this is estimated at INR 29,695 crores.
Domestic Tourism
Indians travel within India mainly for pilgrimage/religious reasons, leisure, visiting families/friends and
business.
Foreign Exchange Services
Money changing business consists of buying and selling foreign currencies for the needs of the travelers.
Foreign exchange comes into the country through tourists visiting India, physical currency deposits into
FCNR accounts by NRIs. These foreign currencies are bought by the various foreign exchange players.
Similarly foreign exchange is sold by these players to tourist going out of India. Excess currency in the
system is exported back to the country of issuance.
Indian money changing industry is highly fragmented with very large number of regional and local
players providing the money changing facilities to retail and corporate customers. However, these
players are niche local players and lack on the scale of operations at national level. The size of their
business makes it economically unviable for these smaller players to either consolidate excess
currencies from other players and / or export currencies on their own. They are mainly dependent on
few large players including our Company for consolidating and exporting the excess physical currency
from India to country of issuance of these currencies.
RBI, the central banking and monetary authority of India, is the central regulatory and supervisory
authority for the Indian financial system. A variety of financial intermediaries / entities in the public and
private sectors are authorized to deal in foreign exchange and their major activities include the
following:
Category Entities Authorised Dealer - Category - I
Commercial Banks
State Co-op Banks
Urban Co-op Banks
Authorised Dealer - Category - II
Upgraded FFMCs
Co-op. Banks
Regional Rural Banks (RRBs)
Others
Authorised Dealer - Category - III
Select Financial and other Institutions
Full Fledged Money Changers
Department of Posts
Urban Co-op. Banks
Other FFMCs
Currently there are 84 Authorised Dealers in category I, 11 Authorised Dealers in category II and 8
Authorised Dealers in category III.

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Travel Insurance
Travel Insurance can protect travelers against contingencies associated with traveling. This insurance
provides coverage for emergencies such as emergency hospitalization due to accident or illness, loss or
delay of checked luggage, loss of travel documents and accidental death/dismemberment, repatriation
of remains and emergency medical evacuation. This policy often includes trip cancellation insurance and
Personal liability.
Credit Cards
There is an increasing trend to issue co-branded credit cards, which are issued by companies who want
to create customer and brand loyalty. These cards are typically issued in association with banks, which
take up the administrative work related to credit appraisal, issuance and subsequent billing, using their
existing credit card business channels.
For more details please refer to section titled Industry Overview beginning on page no. 45 of this Draft
Letter of Offer.

Business Overview
Our Company was incorporated on October 21, 1978 under the Act. It is one of the largest travel and
travel related financial services Company in India, offering a wide spectrum of travel-related services
that include Foreign Exchange, Travel management, Leisure Travel, and Travel Insurance. It operates in
through the following divisions:
Foreign Exchange and Financial Services Authorized dealers in foreign exchange focused on providing
travel related foreign exchange & payment solutions. Our Company also offers credit cards and financial
services relating to travel insurance.
Travel & Related Services Services include consumer leisure travel retailing (such as retailing of
package tours), travel management services (such as air, hotel reservations and land arrangements),
leisure inbound service (services for customers of third party tour-operators at their arrival) and general
sales agency business.
Competitive Strengths
Integrated provider of travel & forex related services
Our Company is an integrated provider of travel & forex related services such as travel management,
airline ticket and hotel booking, package tours, travel insurance, emergency services and providing forex
to domestic and foreign tourists and business travelers and forex services to other forex dealers as well.
We provide one stop shop for all the travel requirements from visa to ticketing to holidays to
insurance to foreign exchange under one roof. This cross selling of products facilitates our customers,
thereby, making it our unique selling proposition.
Leadership & highly differentiated presence in forex market
We are one of the few non-banking institutions to have been granted Authorized Dealer (AD Category
II) license by the RBI.
AD license, combined with strong network, helps us offer the widest possible product suite in a cost-
efficient manner.
Merger of LKP Forex has further strengthened our leadership as a Foreign Exchange service provider.
Established institutional customer base
Countrys top public and private sector banks are customers of our wholesale forex services
Ability to service both institutional and retail customers
Provides travel management services for business travel and services to leading corporates including
Multi National Companies in India

4
Strong domestic retail presence & growing overseas presence
Pan-India footprint for selling all products through a single customer interface presence in around
160 locations in 55 cities in India.
Approximately 200 Preferred Sales Agents in India
Forex desks at strategic locations such as airport terminals
Presence in 13 countries through our subsidiaries
Strong brand equity
We have a strong corporate image and brand equity
Our Company has been recognized as a strong brand both locally and internationally.
We enjoy leadership positions in all areas of our operations and believe that we are a benchmark
setter for others in the industry.
Highly qualified and motivated employee base and proven management team
Our Company operates in service industry wherein the biggest asset of the Company is the quality of
its human resources.
Our Company is managed by Directors who are qualified and are having significant experience in the
industry. The Board of Directors is supported by a team of professionals with several years of relevant
experience.
High integrity and transparency levels
Our Company aims at maintaining high level of Corporate Governance - fairness, transparency,
accountability and responsibility in the functioning of the Company with the ultimate objective of
realizing and enhancing shareholders value.
Our Company has in place Anti Money Laundering Policy to ensure that all internal and statutory
guidelines are adhered to.
Periodic audits are conducted to minimize risks and eliminate areas of concern.
Internal control system is in place to continuously monitor transactions.
Customer focus
Our Company lays great emphasis on customer service and providing quality care to our customers.
Our Company works towards providing 100% satisfaction to the customers. Service quality cell has been
set up to ensure customer retention and repeat business.
Strong information technology infrastructure set-up
Our Company has a strong Information Technology infrastructure base with Wide Area Network
connectivity covering all locations, to support its operations across the country.
All hardwares are installed with anti-virus software to ensure that a virus-free and secured network is
maintained.
Strategic Alliances / Tie Ups
Partnership and collaborations include those with State Bank of India, Citibank, JTB Corp., Cosmos,
EuRail, Star Cruises, Cunard and others as also an alliance with Tata-AIG General Insurance Company
Limited for underwriting of travel insurance and with ICICI Bank for issuance of co-branded credit cards
Our Company has executed an International Money Transfer Agreement with MoneyGram Payment
Systems, Inc whereby our Company is authorised by MoneyGram to provide Money Transfer Services.

Worldwide Travel and Tourism Industry
Since 2004, the annual increase in travel & tourism economy GDP has averaged 4% in real terms faster
than that of the global economy overall. And in the same period, travel & tourism has created more
than 34 million jobs. Although growth is expected to slow in 2008, in line with the recent deterioration
in the economic environment in developed economies, led by the USA, WTTC forecasts are still positive
pointing to a 3% increase in Travel & Tourism Economy GDP and 6 million additional Travel & Tourism
Economy jobs worldwide
World travel & tourism is expected to contribute nearly US $5,890 billion to global GDP in 2008
(equivalent to 9.9% of total GDP), rising to approximately US$10,855 billion over the next ten years. The
current global economic downturn will only have a moderate impact on Travel & Tourism Demand in
2008, with the annual growth rate experiencing a slight slowdown to 3.0%, as against 3.9% in 2007.
Looking past this present cyclical downturn, the long-term forecasts point to a mature but steady phase
of growth for world Travel & Tourism between 2009 and 2018, with growth averaging 4.4% per annum
over the period, supporting 297 million jobs and 10.5% of global GDP by 2018.
In terms of regional performance, Africa, Asia Pacific and the Middle East are experiencing higher
growth rates than the world average, in terms of total Travel & Tourism Demand, at 5.9%, 5.7% and
5.2% respectively, while the mature markets most notably the Americas and Europe are falling below
the world average with growth of 2.1% and 2.3% respectively.

India Travel and Tourism Industry
India is an attractive and preferred tourist destination. A 5,000 years history, rich cultural heritage,
natural beauty, diversity of religion and alternative medicine fascinate budget and luxury travelers alike.
Tourism in India has registered significant growth in the recent years. In 1951, international tourist
arrivals stood at around 17,000 which has gone up to 4.45 million in 2006 and 5 mn in 2007. Indian
tourism is one of the most diverse products on the global tourism scene. India has 26 world heritage
sites. It is divided into 25 bio- geographic zones and has wide ranging eco tourism products. Apart from
this, India has a 6,000 km coastline and dozens of beaches. India's great ethnic diversity translates into a
wide variety of cuisine and culture. India also has a large number of villages, plantations and adventure
locations. India is home to a great variety of wildlife and its wildlife reserves are well known throughout
the world. It also has one of the world's biggest railway systems opening possibilities for those
interested in rail tourism. India also has excellent hospitals offering affordable medicare and traditional
healthcare systems like Ayurveda.
With rising incomes, growing aspirations and increasing globalization the domestic tourism is also on the
rise. More Indians are traveling domestically and aboard, for leisure. A growing airline industry, cheaper
fares and improvement in the travel related infrastructure has contributed to this. Tourism sector holds
immense potential for Indian economy. It can provide impetus to other industries through backward
and forward linkages and can contribute significantly towards the countrys GDP.
According to the Tourism Satellite Account of India (TSA), tourism contributes to 6% of the total GDP
and its share in employment; both direct as well as indirect is 9%. Tourism employs approximately 24.5
million people across India (both direct as well as indirect), which is 5.6% of the total employed
workforce of India. (Source: Euromonitor International, October 2007, Travel and Tourism India)


Competitive Strengths
Integrated provider of travel & forex related services
Our Company is an integrated provider of travel & forex related services such as travel management,
airline ticket and hotel booking, package tours, travel insurance, emergency services and providing forex
to domestic and foreign tourists and business travelers and forex services to other forex dealers as well.
We provide one stop shop for all the travel requirements from visa to ticketing to holidays to
insurance to foreign exchange under one roof. This cross selling of products facilitates our customers,
thereby, making it our unique selling proposition.
Leadership & highly differentiated presence in forex market
We are one of the few non-banking institutions to have been granted Authorized Dealer (AD Category
II) license by the RBI.
AD license, combined with strong network, helps us offer the widest possible product suite in a cost-
efficient manner.
Merger of LKP Forex has further strengthened our leadership as a Foreign Exchange service provider.
Established institutional customer base
Countrys top public and private sector banks are customers of our wholesale forex services
Ability to service both institutional and retail customers
Provides travel management services for business travel and services to leading corporates including
Multi National Companies in India
Strong domestic retail presence & growing overseas presence
Pan-India footprint for selling all products through a single customer interface presence in around
160 locations in 55 cities in India.
Approximately 200 Preferred Sales Agents in India
Forex desks at strategic locations such as airport terminals
Presence in 13 countries through our subsidiaries
Strong brand equity
We have a strong corporate image and brand equity
Our Company has been recognized as a strong brand both locally and internationally.
We enjoy leadership positions in all areas of our operations and believe that we are a benchmark
setter for others in the industry.

57
Highly qualified and motivated employee base and proven management team
Our Company operates in service industry wherein the biggest asset of the Company is the quality of
its human resources.
Our Company is managed by Directors who are qualified and are having significant experience in the
industry. The Board of Directors is supported by a team of professionals with several years of relevant
experience.
High integrity and transparency levels
Our Company aims at maintaining high level of Corporate Governance - fairness, transparency,
accountability and responsibility in the functioning of the Company with the ultimate objective of
realizing and enhancing shareholders value.
Our Company has in place Anti Money Laundering Policy to ensure that all internal and statutory
guidelines are adhered to.
Periodic audits are conducted to minimize risks and eliminate areas of concern.
Internal control system is in place to continuously monitor transactions.
Customer focus
Our Company lays great emphasis on customer service and providing quality care to our customers.
Our Company works towards providing 100% satisfaction to the customers. Service quality cell has been
set up to ensure customer retention and repeat business.
Strong information technology infrastructure set-up
Our Company has a strong Information Technology infrastructure base with Wide Area Network
connectivity covering all locations, to support its operations across the country.
All hardwares are installed with anti-virus software to ensure that a virus-free and secured network is
maintained.
Strategic Alliances / Tie Ups
Partnership and collaborations include those with State Bank of India, Citibank, JTB Corp., Cosmos,
EuRail, Star Cruises, Cunard and others as also an alliance with Tata-AIG General Insurance Company
Limited for underwriting of travel insurance and with ICICI Bank for issuance of co-branded credit cards
Our Company has executed an International Money Transfer Agreement with MoneyGram Payment
Systems, Inc whereby our Company is authorised by MoneyGram to provide Money Transfer Services.
OUR OPERATIONS:
A. FOREIGN EXCHANGE & FINANCIAL SERVICES
FOREIGN EXCHANGE
Our Company is one of the Indias largest foreign exchange dealers in both wholesale and retail
segments of the market. It is one of the few non-banking institutions to have been granted an
Authorised Dealers license to deal in foreign exchange by the Reserve Bank of India. As Authorised
Dealers in foreign exchange we provide foreign exchange and payment solutions for leisure and business
travelers, students going abroad for higher studies, people traveling for employment, medical
treatment, emigration etc. The merger of LKP Forex with our Company gives us an opportunity to grow
our business with expanded product portfolio through enhanced network. This will further consolidate
our position in the foreign exchange market.

58
Forex Business Model
Our Company has been granted an authorized dealers license (category II) by RBI to deal in foreign
exchange through its designated branches. Under this license, we have been, inter-alia , granted
permission to undertake the following activities:
1. Retail purchases of foreign currencies and travelers cheques. 2. Bulk purchases/sales of foreign
currencies from/to authorized dealers, money changers and franchisees. 3. Release / remittance of
foreign exchange for the following activities: a. Private Visits b. Remittance by tour operators/travel
agents to overseas agents/principals/hotels c. Business Travel (including for Central and State
Government officials) d. Fee for participation in global conferences and specialized training e. Payment
of crew wages f. Film Shooting g. Medical Treatment abroad h. Overseas Education i. Remittance under
educational tie up arrangements with universities abroad j. Maintenance of close relatives abroad k.
Stall rentals and participation fees in connection with participation in overseas exhibitions / fairs 4.
Import and export of foreign currency and export of encashed Travelers Cheques 5. Maintenance of
foreign currency accounts with banks abroad and undertaking forex cover operations in India and
abroad.
The activities permitted by RBI are carried out only at the specific locations permitted by RBI. As an
Authorized Dealer, we are a member of the Foreign Exchange Dealers Association of India.
Our Forex business can be classified into two segments Retail and Bulk (Wholesale) business. Retail
business relates to providing foreign exchange services to travelers visiting India or going out of India.
Bulk business comprises providing currency buying and selling services to institutions like banks, FFMCs,
RMCs etc. Our Company consolidates the offloaded currencies at a central place and then physically
exports them to banks in other parts of the World to receive credit for the same in our NOSTRO
accounts maintained with them.
Our Company earns its revenue from the spread between the buy and sell rate for forex and
commissions for its services. We continue to focus on growing business volumes, maintaining revenue
yield and management of costs. Our Company provides the foreign exchange and payment solutions
for:
Individual travelers

Foreign exchange for leisure outbound travelers

Foreign Exchange for migration, employment, medical treatment

Remittances for students studying abroad, gift remittances etc

Encashment services & inward remittances for inbound tourists visiting India, Non Resident / Resident
Indians.
Corporate

Travel money and remittances for business travelers.

On site support for inbound tour conferences.

Film production houses traveling for shoots abroad.

Remittances of tour proceeds for tour operators.
Institutions

Bulk purchases and sales of foreign currencies from Banks, Non Bank Retailers and Money Changers.

59
Our business model revolves around leveraging its position as an Authorized Dealer with systems, ability
and experience of handling large volumes of forex transactions for both wholesale and retail customers
in a highly cost-efficient manner.
Products and Services
As an Authorised Dealer, our services includes wholesale and retail purchase and sale of currency notes,
Purchase and Sale of Traveler Cheques (TC), pre paid international cards, inbound and outbound
remittances and Money Transfers (MT). Some of our products and services are:
Purchase and Sale of currency notes in 26 destination currencies
Purchase and Sale of foreign currency denominated travelers cheques
Thomas Cook Global Money Card and Citibank World Money Card as prepaid cards, which is a
convenient way to carry money overseas
Foreign Currency Drafts
Wire transfer of Funds
Remittance of money into India through MoneyGram
Cash Advances against International Credit Card
Network
Our strong network enables us to attract large wholesale clients such as public and private sector banks,
FFMCs and RMCs to use our services. We have a strong network of approximately 160 offices in 55
cities and 100 RMCs & Hotel Franchisee.
Our Company has foreign exchange counters at the international airports of Mumbai, New Delhi,
Kolkata, Chennai, Cochin and Trivandrum which are open 24 hours and 365 days a year to cater to the
needs of the international travelers. Our Company also has a round-the clock Foreign Exchange counter
at the New Delhi Railway Station.
FINANCIAL SERVICES
1. Travel Insurance
Insurance business of being carried out through our 100% subsidiary - Thomas Cook Insurance Services
(I) Ltd. (TCISL). TCISL is a corporate agent of Tata AIG General Insurance Company Limited. TCISL
entered insurance distribution in 2001 and offers the following products and services:
1. TravelCare (Overseas Travel Insurance) - Travel Care offers security for travelers which covers travel
insurance, hospitalization, loss of documents, Repatriation of Remains, emergency Cash Advance or any
other crises which requires assistance.
2. FamilyCare - An Overseas travel Insurance cover for entire family of 4-5 persons with single overall
sum insured.
3. ScholarCare (Overseas Student Insurance) A customized product for all students studying abroad
which ensures timely assistance in case of unexpected surprises in a foreign land.
4. CorporateCare (Overseas Corporate Travel Insurance) - For Companies where employees travel
abroad frequently on work, we have customized group policies. All foreign trips undertaken by
employees in a year are covered under a single policy.
TCISL provides all insurance products at all our outlets, leveraging on ability to cross sell insurance
products to our Travel and Forex customers.

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2. Thomas Cook Credit Card
Our Company has recently launched the Thomas Cook Credit card in association with ICICI Bank Limited.
Our Company and ICICI Bank are marketing and issuing a Co-branded Credit Card to the customers for
using the same at various Master Card retail merchant establishments for availing benefits attached to
the said card. The card has been devised as part of loyalty program for the products of the company
with benefits attached to spend through the card at Thomas Cook outlets.
Salient Features:
Thomas Cook Titanium MasterCard features in brief:
The card has been specially designed for frequent travelers.
Attractive 6 reward points for each spend of Rs.100 on the card on Thomas Cook products - Free
Delivery of Foreign Exchange within city limits
Rs 5000 discount on any Thomas Cook GIT product
1 Free Air ticket to a domestic destination on the issuance of new card
Complimentary travel inconvenience insurance policy
Access to MasterCard travel lounges at Airports across the world
Redemption of reward points for Thomas Cook holiday packages, hotel stays, air tickets, airline
upgrades, etc
Conversion of Thomas Cook reward points to frequent flyer miles - convert the reward points earned
on card to frequent flyer miles on select domestic airlines.
Positioned as a comprehensive travel card
Assured gifts for the joining fees free air ticket / discount voucher
Higher reward points for card swipes at Our Companys outlets
Redemption of reward points against Thomas Cook products encouraged

TRAVEL & RELATED SERVICES
Our Company offers a wide range of travel and related services directly as well as through our
subsidiaries which include:
1. Corporate travel management 2. Leisure Travel inbound 3. Leisure Travel outbound 4. Domestic
Travel
1. Corporate Travel Management:
Corporate travel management forms a dominant share of overall travel business of our Company. We
manage the travel budgets of several large national and multinational companies. Our large scale of
operations enables us to effectively manage travel budgets of several Multi National Companies, blue-
chip companies and multinational banks to their advantage. Our Company is providing integrated travel
management/ advisory services to more than 300 Clients.
Our Company provides the customers a complete basket of products for all their travel needs:
Air Reservations
Hotel Reservations
Land arrangements which includes sight seeing, car rental, transfers etc.
Passport/Visa Service
Conference/Incentive tour arrangements
Foreign Exchange
Insurance
Our branches specialize in offering tailor-made Travel Policies for each corporate, thereby bringing
savings on spend.

61
Based on requirements and volumes of business, corporate are serviced either by having a dedicated
relationship team visits clients office regularly or having a dedicated & expert travel consultant with
Centralised Reservation System located at the clients site as an implant.
2. Leisure Travel Inbound
Inbound Tourist refers to tourists/ travelers coming to India.
Inbound tour operators promote India as a tourist destination. We organize tours for foreign tourist
visiting India. We organize Individual tours, Group tours and Conferences. Various services offered in
inbound business are accommodation, ticketing, roundtrip, excursion, land arrangements, airport
transfer etc. These services are procured from providers of these services like hotels, airlines,
transporters, guides etc. within India . Customers are typically individuals and are sourced by overseas
principals, tour operators or travel agents. TCI, one of the subsidiaries is among the leaders in inbound
tourism and works closely with tour operators worldwide.
TCI has a widely distributed network of travel agents and tour operators worldwide. It has around 20
offices in India and a total of 11 offices in USA, Canada, UK, France, Germany, Spain, China, Korea, Japan
and Australia.
We also act as a ground handling agent domestically for Charter flights coming from international
destinations. We also offer customized individual holidays, group escorted holidays, MICE (Meeting,
Incentive, Conference and Exhibition) arrangements and emergency medical assistance.
Inbound travelers handled by our Company are primarily from Europe and USA. Our company enters
into business arrangements with the foreign tour operators for servicing their customers when they
arrive in India.
3. Leisure Travel Outbound
Outbound tourist refers to Indian Nationals traveling out of India.
Our Company offers outbound tour packages across approximately 50 Countries. Outbound packages
include various services like air tickets, visa, travel insurance, airport transfer, hotel accommodation,
sight seeing, etc.
Outbound is further classified into following categories:
1. Group Escorted Holidays: These are ready made packages where a group of travelers is escorted by a
Tour Manger. 2. Customised Individual Holidays: Tailor made packages based on individual requirements
3. MICE: Dealers/Employees are sent on tour by Corporates. 4. Sales agency amongst others for Star
Cruise, Rail Europe, Globus, Cosmos Tours, Greyhound, Amtrak, Rocky Mountaineer Vacations, Japan
Rail and Costa Cruises
4. Domestic Travel
Domestic Travel refers to Indian Nationals (Tourists, Business Travelers, Students, Leisure travelers)
traveling within India. Various services offered are accommodation, ticketing, roundtrip, excursions,
land arrangements, airport transfer, etc. These services are procured from service providers like hotels,
airlines, transporters, guides, etc.
TCI, one of our subsidiaries specializes in special interest and incentive tours, conferences and air
charter / cruise ship ground operations. It operates its own Taj Mahal Tour and Delhi City Tour and is a
General Sales Agent (GSA) for the Palace on Wheels and the Deccan Odyssey.
We are active members of various industry and professional organizations.
Cross Selling of Services:
Our Company is leveraging its strong distribution network and the unique integrated travel and travel
related service provider position to cross-sell our varied portfolio. We leverage on footfalls into our
offices and

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accordingly, we have a common front-end to sell all our services. This facilitates servicing all travel
requirements of our customers under one roof.
Overseas Operations:
Our Company has also expanded into key tourist destinations such as Sri Lanka and Mauritius.
In Mauritius, our Company has its presence since 2000 through a 100% subsidiary and 3 step down
subsidiaries. The Mauritian operations include providing foreign exchange, travel and holiday services.
Our Company has one strategic airport counter at SSR International Airport offering foreign exchange
services and three other offices (two at Port Louis and one at Grand Baie). In Sri Lanka, our Company is
present at the airport offering forex services.
Delivery Channels
In order to strengthen our delivery capabilities, we have introduced new channels such as web and call
centers as additional alternatives for our customers. We have a 24-hour call center in Mumbai to
provide full CRM support. We have also set up a one-stop comprehensive internet booking engine to
strengthen existing customer relationships and build new ones. These channels operate seamlessly with
the existing channels using a common technology platform.
IT Infrastructure
Our Company has installed SAP based management information and IT system to enable effective
management of its multi-location businesses. To enable reporting on a real time basis, all our branches
are connected with the head office. Our Companys Wide Area Network (WAN) provides a stable and
effective means of giving valuable support to the business. We have also implemented an integrated
Front Office System for leveraging on its potential of cross-selling and up-selling its services.
Competition
Travel and forex services business in India is highly fragmented with presence of many regional, local
and unorganized sector players. There is no single player of comparable size, who is able to offer a wide
range of services as offered by our Company. However, there are different players that compete with us
in various market segments.
Collaborations, any performance guarantee or assistance in marketing by the collaborators As of the
date of filing of the Draft Letter of Offer, our Company has not entered into any collaborations or
agreements for marketing of our products.
Export obligations
There is no export obligation on the Company.
Business Strategy
Our strategic objective is to continue to build on our position as a leading integrated provider of forex
and travel & related services by leveraging on our existing network which will also enable us to cross sell
our products.
Leverage expanded network for expanded portfolio
Utilise overseas network for newer travel destination
Build customer loyalty through focused approach
Brand Building








Travel Industry Landscape
Indias Tourism & Travel industry is highly fragmented with many independent agents; regional players
and only a few organized players
Smaller players are restricted to the regional front. Organized segment serves a wider array of custome
rs due to its panIndia presence
Organized players are able to leverage their brand, penetration and scaleto negotiate better deals with
vendors through bulk and advance buying, providing better varietyof packages at much lower costs
These players in effect act as a onestop shopfor all travel requirements
This advantage enjoyed by organized players has led to an industry
wide consolidation, with organized players eating into the market share of unorganized players
Package Tours Cannot be Effectively Sold Online Package Tours Cannot be Effectively Sold Online
In India, Online Travel Agents (OTAs) started as a single window mechanism for booking domestic fligh
ts although the service basket now includes international flights, hotels bookings, international and do
mestic holidays, transportation rentals etc.
There is a growing realisation among OTAsthat future growthwill occur through offline
To this effect, few large OTAshaving high market share have already set up brickand
mortar centres under their own brand with plans to expand the same
Challenge faced by OTAsis in selling high marginhotel / holiday packages, which customers prefer purc
hasing offline as well as the branding opportunityprovided by these stores
The reverse is also true for offline player like Thomas Cook to fast expand its online presence
Average customer spends 4 to 5 hours with the sales representative before finalizing a tour package