Scaling New Heights

Celebrating 50 years of its journey, ABBE Group, the parent company of Parveen Travels, is in talks to raise private equity funding.

- Ramya Srinivasan

Chennai-based Parveen Travels is planning to raise private equity funding of Rs.250 crore towards expanding its operations. Specialising in the transport of people and goods, the company, under the aegis of AB Business Enterprises (ABBE), which is celebrating 50 years of its journey, and having a fleet of over 1500 vehicles, is in talks with leading investment banks to raise private equity funding. Confident of securing it on the basis of its popularity and loyalty, the company is looking at scaling new heights. Tracing its roots to the purchase of a metered taxi in 1967 for Rs.15,000 by Janab Haji Allah Baksh, Parveen Travels came into being in 1980. The establishment of Parveen Travels also marked the entry of Baksh’ two sons – Aslam and Afzal –into the business. The company purchased two inter-city coaches and started operating them on the Chennai and Bangalore route. With emphasis on driver training and special tour packages, the company also started a parcel service on the route that its buses plied on. A logistics business was thus born.