Companies

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

Our Bureau Mumbai | Updated on September 26, 2019 Published on September 21, 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
This article is closed for comments.
Please Email the Editor