TSNI acquired by Future Retail

Future Retail has announced that by spending approximately a hundred crore rupees soon it completely acquire the Travel News Services India (TNSI). This would not only help the consolidation of the complete company but also further enhance it’s Retail Business.

Soon the Company would aim to create a remarkable presence at metro stations, airports, railways and major universities as in some of these places a number of Travel News Services India’s retail offices are already operating.

The company has already executed the share purchasing agreement and prepared a number of documents that would be necessary for entirely executing the complete transaction. It would be acquiring the entire equity share capital of Travel News Service India.

Future Retail would soon gain access to a globalised retail brand found in almost every metro station of Delhi/NCR and all major universities ‘WH Smith’ as TSNI holds it’s license.

Approximately eighty five crores would be paid to all the sellers respecting it’s holding in TNSI and an additional of Rupees fifteen crores would be given in order to fulfil some specified obligations. Also all the subsidiary companies would come down becoming a subsidiary of Future Retail including Welcome Retail as fifty one per cent of the share capital is held by TSNI.