The Chennai-based AB Business Enterprises, the parent company of Parveen Travels celebrated the 50th anniversary of its successful operations on December 6. More than 300 guests, including business partners, customers, distributors and employees, attended the grand celebration.
A Coffee Table book enumerating the 50-year journey was launched on the occasion by the chief guest, Prince of Arcot His Highness Nawab Mohammed Abdul Ali Azimjah, and presided by guests of honour, Mr. V. Palanikumar, Commissioner of Tourism, and Chairman & Managing Director, Tamil Nadu Tourism Development Corporation, Mr. N. Murali, Chairman, Kasthuri & Sons Ltd. (the Hindu Group of Publications), and Mr. Shreevats Sanjay, Deputy Director General (South), Ministry of Tourism, Government of India.
Establishing itself as a premier travel and tour service provider a Rolls-Royce limousine was inducted into the elite fleet, catering to the discerning customer and vehicle base. The newly inducted uber-luxurious limousine will cater to the needs of the elite community, star hotels and international passengers.
Augmenting its growth strategy, and charting a new road map for accelerated growth in the coming years, the company announced that they are in talks with investment bankers to raise Rs. 250 crores in the coming months from private equity.
A strategic road map to ‘Go-Green’ was also unveiled on the occasion. AB Business Enterprises recently signed a MoU with Hungary-based Csepel Holding Plc. to bring 100 battery operated inter-city luxury buses on Indian roads for transportation of passengers. The company is also in talks with various investment bankers for raising private equity of Rs. 250 crores.
AB Business Enterprises was founded in 1967 by Late Haji Janab Allah Baksh, and has grown today as a travel and transportation conglomerate having seven verticals – transportation, logistics, hospitality, automobiles, tourism, training and consultancy. From a very humble beginning, the company has come a long way, having a fleet strength of over 1,500 vehicles, and becoming one of the most preferred travel companies in South India.
Speaking at a press conference before the event, Mr. Mohammed A. Afzal, Chairman and Managing Director, AB Business Enterprises, said: “Today we celebrate the 50th anniversary of AB Business Enterprises by launching the first Rolls Royce for our Elite Charter Division. The Rolls-Royce will be one-of-its-kind luxury car offering an unmatched premium experience to our customers who will now be able to travel in absolute luxury and comfort. We are also proud to sign an MoU to bring battery operated luxury vehicles on Indian roads – this is one of our many initiatives in support of the Government’s ‘Go Green’ programme. Parveen Travels has been a household name in South India and has always been an industry leader and trendsetter in the transport industry. In order to propel the growth of the company to even greater heights, we are in talks with leading Investment bankers to raise private equity funding to the value of Rs. 250 crores.”