Hit by a first quarter loss, British travel group, Thomas Cook, is looking into whether to sell its 77.1 percent share in its Indian foreign exchange and travel services business.

Thomas Cook said after receiving unsolicited expressions of interests in Thomas Cook (India) Limited it had decided to seek formal offers. “If the offers are attractive then we will consider selling our stake and using the proceeds to strengthen the Group’s balance sheet,” said interim Chief Executive Sam Weihagen, who stepped in as CEO following the resignation of Mr Manny Fontenla Novoa in August..

In January, the British promoters of Thomas Cook (India) – Thomas Cook UK Ltd and TCIM Ltd - pledged their entire stake in the Indian company with the Royal Bank of Scotland, in an effort to raise cash.

The latest development came as the Thomas Cook group reported a pre tax loss of 151.7 million pounds in the three months to the end of December, against a loss of 99.3 million pounds in the same period the year before. This was despite a 3 percent increase in revenues, which was offset by an increase in operating expenses. The company blamed the troubles on tougher trading conditions in Europe, as a result of the political upheaval in the Middle East and North Africa, and higher fuel costs.

Thomas Cook is in the midst of restructuring, and has pledged to sell non core assets to repay the 200 million pounds in emergency funding it received in November last year. Thomas Cook’s share price plummeted after it delayed the publication of its results for the quarter ending September, and announced it had sought a 100 million pound extension to its existing borrowing facility, and a relaxation of covenants.

Thomas Cook India Limited has been in India since 1881, with operations across 70 cities, and 2,700 staff.

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