Panoramic Universal's Travel foray goes international with acquisition of Future Travels, USA

Panoramic Universal Ltd has informed that Consolidating its foray in the international travel and tourism business, the Company has now acquired the business of Future Travels - a travel agency based in the heart of New York City. This acquisition marks its diversification in US business where it already owns five hotels with 900 rooms under operation.

Future Travels is the number 1 consolidator with Air India and Kuwait Airways and has a large business with other airlines such as Delta, Air France, Lufthansa, British Airways, American Airlines etc. The gross sales are over $10.00 Mn per year achieved through its client base of 600 big and small businesses and over 15,000 satisfied customers including NRI's. It is a prime travel agency in New York with operations dating back to over 30 years.

Future Travels also specializes in arranging worldwide tours for Asian Ethnic groups based in USA and other countries. The tours are customized to the needs of the groups for destinations like Spain, Portugal, Morocco, China, Japan, Australia, New Zealand, Europe and South America. The tours are known for their exceptional cuisine. For Indian groups, the tours have an in house Indian Chef to prepare delicious Indian Cuisine. The agency arranges summer tours to Alaska including Canadian Rockies and Denali National Park. Tours to India include Manas Sarovar, Kailas, Rajasthan, Kerala and other tourist attractions. It also conducts educational packages and honeymoon tours.

The Company had recently acquired a controlling stake in an Indian travel agency Hi-Flyers Travel Services Pvt Ltd. a travel agency catering to premium corporate and HNI clients like Sharekhan, Akruti Foundation, SSKI, Jam Irrigation, Supreme Industries, Boroughs India and several others.

"Panoramic has plans to launch a travel portal of its own very shortly. We intend to offer a comprehensive travel solution to our customers right from travel arrangements to staying in our own hotels" says Sudhir Moravekar, Chairman of the Company. He added "We are also looking at acquiring travel agencies in Europe to compliment the inbound as well as outbound tourism for all these countries".

The Company is looking ahead to a synergistic drive with the combination of its hotel, time share and travel business. With Panoramic, a business or leisure traveler would have a one window service for all their travel needs.

The Company owns and operates in all nine hotels in US, India and New Zealand. Besides these it manages India's largest night club, AREA 51 in Pune. The Company is looking at expansion in the hotel portfolio in India through greenfield projects as well as acquisition of running hotels. It has short listed Jaipur, Panvel (Mumbai), Kumarakom (Kerala) Pune, Thane (Mumbai), Durgapur (West Bengal), Usgoan (Goa) and Hyderabad as the destinations for its hotel projects.