Tag Archives: Peter Kerkar

Cox & Kings celebrated its 260th anniversary at The St Regis Mumbai. The evening was graced by Jaykumar Rawal, Tourism Minister, Maharashtra, along with several diplomats and business leaders from the travel and hospitality fraternity. Rawal said, “Tourism is the largest industry in the world. India has a multitude of experiences, you name anything and we have it. Similarly, Maharashtra has so much to offer – forts, islands, history, mountains, city life, but there is a need to promote it well. Moreover, we work closely with Cox & Kings on Deccan Odyssey, India’s leading luxury train that promotes the state as part of its itinerary.” Speaking at the event, Peter Kerkar, Group CEO, Cox & Kings, said, “We are the best in the industry, not because we are the oldest, but we are the oldest because we are the best in the industry. We place priority on achieving excellence, which has been made possible with unwavering commitment from our staff who embody the spirit of service, to go beyond their call of duty in creating seamless travel experiences for our customers and travel partners.” The company has several firsts to its name, including chartering a special plane to view the longest solar eclipse of the 21st century, introducing Russia’s first luxury train ‘Bolshoi Express’, launching state-of-the-art luxury railway journeys in India, revamping many Indian palaces as wedding destinations, offering tailor-made packages to the Maha Kumbh Mela and acquiring a mountain in the heart of the Swiss Alps.

The who’s who of India’s travel and hospitality fraternity, diplomats and several business leaders gathered at a glitzy evening gala hosted by Cox & Kings at the Shangri-La’s Eros Hotel, New Delhi, to mark the 260th anniversary of Cox and Kings, also the world’s oldest travel company. The evening was graced by KJ Alphons, Minister of State (Independent Charge) for Tourism, who lauded the company for its continuous service to the tourism industry. Alphons said, “I am very happy to be a part of Cox & Kings’ 260th year celebration and congratulate everyone who has contributed to this rich legacy by enabling holidays and spreading happiness into the world. The tourism sector in India is looking very positive this year as we have crossed the 10 million mark for foreign tourist arrivals and earned revenue of 27 billion dollars through foreign tourist arrivals. This has been possible because of companies like Cox & Kings who have been working together with the government. In the next three years, we aim to double the foreign tourists inflow and the revenue we earn from the foreign tourist arrivals and that is only possible if the industry continues to work together.” Speaking at the event, Peter Kerkar, Group CEO, Cox & Kings, said, “We are unique in the leisure space with an unrivalled tradition of 260 years of service to our customers. It is with pride that I commend our staff for making our company so successful and more particularly relevant even today. Our longevity is a testimony to their ingenuity and transformative spirit that Cox & Kings remains a world leader in the travel, education and hotel space.”

The board of Cox & Kings Ltd. has approved the demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service Ltd. (CKFSL). The demerger is effective April 1, 2017, and is subject to High Court and other regulatory approvals. Whilst the Tours & Travels and Foreign Exchange (‘Forex’) businesses are complementary in nature, the businesses operate quite distinctly from each other. The Forex business has 125 licenses across India to provide foreign exchange to captive customers as well as to third-party customers. Peter Kerkar, Chief Executive Officer, Cox & Kings Group, said, “Strong macro drivers coupled with a strategic brand presence will enable CKFSL to flourish. There are abundant, large-sized avenues for natural product diversification and the timing of this demerger is most opportune.” The working capital needs of the Forex Business are quite different from those of the Tours & Travels business. With a view to enable the Forex business to capitalize on growth opportunities in an independent manner it has been decided to demerge the business into a separate company. The demerged entity has the potential to grow substantially as a standalone business with separate financing and operations and focused leadership and management attention. The opportunities as well as risks and competitive environment within the Forex Business are distinct and the said business is capable of attracting its own set of investors and strategic partners, lenders and other stakeholders. It is proposed that the Forex Business of the Company be demerged and transferred to the Resulting Company, a wholly owned subsidiary company of the Company, so as to maximize value for all the stakeholders of the Company. In …