TBO Tek Limited, an Indian travel technology company, has announced the incorporation of a new step-down subsidiary in the Canary Islands. The wholly-owned subsidiary, named TBO Jumbonline Canarias, S.L.U., was established on September 5, 2024, through Jumbonline Accommodations & Services S.L.U., another wholly-owned step-down subsidiary of TBO Tek.
The shares of TBO Tek Limited were trading at ₹1,746.50 up by ₹14.90 or 0.86 per cent on the NSE today at 3.10 pm.
The new entity, with an authorized and issued capital of 3,000 euros, aims to operate as a travel agency in accordance with Spanish regulations. This move is part of TBO Tek’s expansion strategy to strengthen its presence in the Canary Islands region.
The company stated that the incorporation does not fall under related party transactions and requires no governmental or regulatory approvals. While the new subsidiary has not yet commenced operations, its establishment signals TBO Tek’s commitment to growth in the travel industry.