InterGlobe Technology Quotient's (ITQ) CEO Anil Parashar has confirmed that talks are under way for a chunk of the Indian travel tech business to change hands for an estimated $200 million.
ITQ is best known as the official distributor for Travelport products in India, Sri Lanka and other markets in APAC.
Rumours have been circulating for some time about its minority investors - Standard Chartered Private Equity, Credit Suisse and Singapore's DBS - looking for an exit.
Parashar told The Economic Times of India this week:
"The existing investors have stayed with us as partners for a while and they have a timeline within which they need to exit....There is a formal process to find a buyer for their stake and the board should be able to take up the offers for review by the end of this month."
The current report says ITQ made an operating profit of INR 170 crore ($26 million) in 2016 and names TA Associates and Fairfax Holdings as the likely buyers
The would-be exiting investors own 37% of the company - the balance is in the hands of Indian businessman Rahul Bhatia. ITQ in turn is part of his Indian travel and hospitality conglomerate InterGlobe Enterprises, which founded and then floated low-cost carrier IndiGo.
ITQ is a separate unit within its parent company, distinct from "InterGlobe Technologies" which is an IT and business process management specialist. InterGlobe Technologies has a joint venture with Travelport - IGTS - although on its 2016 FY earning call Travelport told the markets it had signed an agreement to sell its 51% stake in the JV.
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