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Australian travel firm buys stake in Friends Globe
By Our Special Correspondent
NEW DELHI,
MARCH 5.
Australian travel company, Flight Centre Limited, entered the Indian travel market following the acquisition of 51 per cent stake in Friends Globe Travels Limited (FGTL). The acquisition was made for Australian $8.5 million.
Under the agreement, Flight Centre has an option to buy the remaining 49 per cent by 2010.
Ernst & young worked as the advisors of this complete transaction.
Rahul Nath, Chief Executive Officer of FGTL, said, "This joint venture would create a strong brand name and would also support our focus on building global networked customers."
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