LONDON: Cox & Kings has sold its adventure tourism business– Explore Worldwide, a subsidiary of Holidaybreak — for about Rs 260 crore. The move aims to rebalance the company’s international business and to sharpen focus on its three segments– education, leisure and Meininger Hotels, Anil Khandelwal, CFO of Cox & Kings tells CNBC-TV18.
The company posted a 13 percent revenue growth in the first half of this year, he says, adding he expects similar growth in the second quarter.
Cox & Kings will use funds from this deal to pare debt at Holidaybreak level, Khandelwal adds. The company’s long term debt stands at Rs 3,227 core. Earlier in June 2014, the company had sold its camping business for Rs 892 crore.