Sify Acquires Globe Travels

NEW DELHI: Sify Ltd acquired Globe Travels, a leader in online issuance of

e-tickets in the India-US travel space.

This acquisition marks Sify's entry into the online travel business,

particularly e-ticketing, the category with highest revenues and fastest growth

in online commerce today.

The company's 3300 iWay cyber cafes can operate as an e-store from where

existing and new customers can make online travel arrangements or purchase

e-tickets.

Commenting on the acquisition, R. Ramaraj, CEO, Sify Ltd, said, “This

strategic acquisition brings into our fold fast growing services that enhance

our online offerings to customers, and opens up new sources of revenue. We will

also have the benefit of having Mr. Herman Noronha, CEO, Globe Travels, on board

along with his team, who will add value with their domain expertise.”

According to the Internet & Mobile Association of India (IMAI), the

number of Indian Internet users is slated to grow from the current 38.5 million

to over 100 million by 2007-08. “As Internet users grow, the number of people

making travel arrangements online is expected to increase substantially in

future. IMAI has projected a total of $ 262 million in online transactions for

2005-06, of which 57.85% or $ 152 million is expected in the travel and travel

related sectors. Airline ticket sales online are expected to account for $ 88

million, railway ticket sales will follow with $ 63 million. The growth of

online sales of air tickets has been given a further impetus by the IATA

deadline of December 07 for 100% online ticketing in India, with the airlines

promoting online tickets with special fares and benefits, as well as alliances,”

said Surya Mantha, Senior Vice President- Portals, Sify.

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