Future Retail Limited (NSEI:FRETAIL) signed share purchase agreement to acquire Travel News Services India Pvt Ltd from existing shareholders for INR 1 billion on January 19, 2018. Future Retail will acquire 4.14 million shares and pay INR 850 million to the sellers in proportion to their holding in Travel News Services and will give an additional consideration of INR 150 million subject to the fulfilment of other specified obligations. Following the deal, Travel News Services will become a wholly owned subsidiary of Future Retail and Travel News Services’ subsidiaries TNSI Retail Private Limited and Welcome Retail Private Limited, will become step down subsidiaries of Future Retail. Travel News Services reported consolidated turnover of INR 1.32 billion in financial year 2016-2017. The deal has been approved by Future Retail and will require approvals from various airport authorities and metro authorities. The deal is expected to close within 12-16 weeks.