Arjun Sharma, the former head of Sita World and managing director of Select Holiday Resorts, is eyeing the 39 per cent stake held by the Sheths of the Great Eastern Shipping Company in P&O Travel India, a subsidiary of the UK-based Princess Cruises Plc.
According to sources, Sharma has already made an offer to the Sheths. Sharma, however, refused to divulge any details.
Incidentally, the Mumbai-based Kuoni Travel is also known to have made an offer to the Sheths for buying out the 39 per cent stake since it already has a 50:50 joint venture with P&O in Hong Kong, Bangkok and Singapore.
Ranjit Malkani, chief executive officer and chairman, Kuoni Travel group, had earlier said that Kuoni India was evaluating various companies in all segments but no understanding has yet been reached with any of the companies.
While Sheths could not be contacted, an official with P&O Travel confirmed that Sharma has submitted a bid to buy out the 39 per cent stake in the company.
P&O Travel India, which is a 61:39 joint venture between P&O Princess Cruises Plc of the United Kingdom and Sheths of the Great Eastern Shipping, is in the business of travel and cruises. Its cruise business is considered to have a great potential in India in future.
Sharma, who had earlier sold his Sita Travel business to Kuoni, has put together a war chest of about Rs 300 crore for this as well as a few other acquisitions and mergers in the travel and tourism industry and also in the hospitality sector.
