Mumbai, September 21 -With the recent developments relating to the collapse of iconic British Travel Company, Thomas Cook PLC, Thomas Cook India Group said that it’s a completely different entity since August 2012 when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada based multinational with varied interests across the globe as well as in India.
Post transfer of its entire stake in Thomas Cook (India) Ltd to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Ltd from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Ltd. The last seven years have been fruitful as the company continues to grow and build its legacy as an independent entity after Fairfax Financial Holdings acquired a 77 per cent stake in Thomas Cook India Ltd (TCIL) in 2012.
Thomas Cook (India) Ltd is a leading integrated transnational travel and travel related services company offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa and Passport services and E-Business. It operates leading B2C and B2B brands including Thomas Cook, SOTC, Sterling Holidays, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Ltd, Travel Junkie (Ithaka), Digiphoto Entertainment Imaging (DEI), Private Safaris East in South Africa and Thomas Cook Lanka and Luxe Asia in Sri Lanka, making it one of the largest travel companies in the Asia Pacific region.
“We believe that it is important that we clarify for the record that Thomas Cook (India) Ltd is financially strong, profitable and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth,” the company said in a statement.
The Thomas Cook India Group’s cash and bank deposits balances stand at (Indian) Rs. 13,890 million as of June 30, 2019.
On a standalone basis, Thomas Cook India is debt free upon pre-payment of Rs. 670 million debenture obligations ahead of schedule. This has been made possible using stable and strong cash flows that the Thomas Cook India Group is generating year over year. The group generates an average annual free cash flow of around Rs. 2500 million.
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