Financial crisis in Thomas Cook UK not to impact Thomas Cook (India)

Our Bureau Mumbai | Updated on September 26, 2019


Britain’s Thomas Cook being on the brink of financial collapse will not have any impact on Thomas Cook (India), which is a completely different entity. Thomas Cook (India) was acquired by Canada-based Fairfax Financial Holdings in August 2012.

Post the transfer of its entire stake in Thomas Cook (India) to Fairfax, Thomas Cook UK ceased to be a promoter of the company. Thomas Cook UK has had no stake in the company, Thomas Cook (India) said in a statement.

“The last seven years have been fruitful, as we continue to grow and build our legacy as an independent entity after Fairfax Financial acquired a 77 per cent stake,” Madhavan Menon, Chairman & Managing Director at Thomas Cook (India), said.

Thomas Cook (India) offers a spectrum of services, including foreign exchange, corporate travel, leisure travel, insurance, visa and passport services and e-business. It also operates brands such as Thomas Cook, SOTC, Sterling Holidays, Asian Trails and Australian Tours Management, among others.

UK’s Thomas Cook said on Friday it needs to raise £200 million in funding to avoid a collapse and had approached the British government for a bail-out.

Published on September 21, 2019

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