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Thomas Cook Group PLC has concluded the sale of 77.1 per cent stake in its India operations to Fairbridge Capital (Mauritius), a subsidiary of Fairfax Financial Holdings. The deal was approved with 99.99 per cent votes by shareholders at a general meeting on August 9.
The share transfer process was concluded post completion of all shareholder and regulatory requirements.
Madhavan Menon, Managing Director, Thomas Cook (India) Ltd, said, “Thomas Cook India and Fairbridge Capital share similar values and beliefs and we are confident that the new ownership will build on the powerful growth momentum we have exhibited over the years. Our focus would be to continually develop our core businesses and add further breadth and depth to our product-service portfolio.”
Fairbridge is an investment company engaged in long-term investments and acquisitions in the Indian region with a focus on long-term capital appreciation through a flexible and value-oriented approach.
Thomas Cook set up its first office in India in 1881. Thomas Cook India’s footprint currently extends to over 215 locations (including 24 airport counters) in 87 cities across India, Mauritius and Sri Lanka and is supported by a partner network of 123 Gold Circle Partners and 166 Preferred Sales Agents in over 100 cities pan India.
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