Tag Archives: Kuoni Group

Zubin Karkaria, CEO of VFS Global, and CEO of Kuoni Group, was conferred with the ‘Award of Distinction’ by the Travel Agents Association of India (TAAI), for his long-standing contribution to the Indian travel and tourism industry. The award was presented to Karkaria at the 63rd TAAI Convention held in Abu Dhabi on 14 October 2016. The award recognises his pioneering and entrepreneurial spirit and his role as a mentor in the industry. Presently, VFS Global serves 51 client governments and operates in 126 countries across 5 continents. The company, which pioneered the concept of visa process outsourcing, has facilitated travel across the world by enhancing efficiencies in the visa application process and making the overall visa application experience easier and more convenient for potential travellers. The ISO 27001:2013 certified company (for Information Security Management System) has been recognized for maintaining highest levels of security, while adhering to best practices in technology, innovation, and streamlined service delivery. Karkaria, who has been a part of the travel industry for more than 25 years, established visa processing multinational VFS Global in 2001. In 2015, he became the first Asian to head the Switzerland headquartered Kuoni Group.

After confirming talks with Swedish private equity group EQT and announcing the offer within a month, Kuoni will finally close the investment deal with its new owner this May. Zubin Karkaria, CEO, Kuoni Group and CEO, VFS Global, has revealed to TravTalk that the change of ownership through Swedish private equity firm EQT will happen soon and expects the transaction to be completed in May 2016. Based on the offer made by EQT in February, Kuoni Group is valued at around Rs 9,800 crore (on present currency rates, based on 1.4 billion Swiss Francs). The company’s Board feels that taking Kuoni private and handing over the responsibility for the group to an internationally-renowned new owner would be ideal. Karkaria together with the current management team will continue to lead the company. Kuoni Group focuses on three core activities: Global Travel Distribution (GTD), Global Travel Services (GTS) and VFS Global. He said in an email interview, “We expect the transaction to be completed in May 2016. We welcome EQT’s investment in the Kuoni Group, which underlines the attractiveness of our global business activities. With the new owners we will be able to accelerate the implementation of our strategy. Investments in technology and supporting acquisition opportunities give the Kuoni Group an excellent platform to build further on its leadership positions in travel industry services. EQT has an impressive track record of growing companies. With access to their experience and network in both the travel and tech industries, we will be able to accelerate the implementation of Kuoni’s strategy.”

Kuoni Group’s Board of Directors has confirmed that it has received preliminary approaches from third parties regarding a potential offer for the Kuoni Group and its businesses. However, the company has released in a statement that discussions are at a preliminary stage and there can be no certainty at this stage that an offer will be made, nor as to the terms on which any offer might be made. The Board of Directors is evaluating the situation, also taking into consideration all other strategic possibilities.