Thomas Cook India reiterates it is a completely separate entity from Thomas Cook UK

Thursday, 26 September 2019 01:10 - - {{hitsCtrl.values.hits}}

Post transfer of its entire stake in Thomas Cook (India) to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India)

Thomas Cook (India) was acquired by Canada-based Fairfax Financial Holdings via a 77% stake in 2012; Thomas Cook UK has had no stake in Thomas Cook (India) since then
Says media updates on Thomas Cook UK have no correlation and hence no impact on Thomas Cook India
Thomas Cook India Group in strong financial position with cash and bank deposits balances at Rs. 13,890 m as of 30 June
On a standalone basis Thomas Cook India is debt-free upon pre-payment of Rs. 670 m debenture obligations ahead of schedule
Group generates an average annual free cash flow of around Rs. 2,500 m

Following is a statement from Thomas Cook (India) Ltd. Chairman and Managing Director Madhavan Menon in the backdrop of the recent developments relating to iconic British travel company Thomas Cook PLC:

With the recent developments relating to the iconic British travel company, Thomas Cook PLC, being reported in the media, it is imperative to highlight that Thomas Cook India Group is 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 we continue to grow and build our legacy as an independent entity after Fairfax Financial Holdings acquired a 77% 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 Thomas Cook India Group’s cash and bank deposits balances stand at Rs. 13,890 m. as of 30 June. On a standalone basis, Thomas Cook India is debt-free upon pre-payment of Rs. 670 m 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. 2,500 m.