Sri Lanka Expolanka in travel deal with India’s Akquasun

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

May 03, 2011 (LBO) – Sri Lanka’s Expolanka Holdings and Akquasun Group based in Mumbai have formed a joint venture called Akquasun Lanka to focus on attracting tourists from emerging markets like India, Russia and China. Expolanka Holdings, a diversified conglomerate with interests in transportation, manufacturing, international trading and strategic investments, plans to raise 2.4 billion rupees by issuing 172 million ordinary voting shares at 14 rupees each in an initial public offer on May 12. The two companies plan to develop a ‘business-to-business’ regional destination management network, a statement said.

Akquasun Lanka will be a component of the transportation cluster of the Expolanka group which also includes Luxe Asia and Classic Travels.

Russia, China and India are huge markets; population density has always been there, but with newfound prosperity new travel trends have developed,” said Hanif Yusoof, group chief executive of Expolanka Holdings.

A particular emphasis of Akquasun Lanka will be the development of the emerging inbound markets of India, Russia and China where they own and operate their own offices.

Sri Lanka is a rapidly emerging market, said Aslam Rahim, group direc