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Wednesday, 12 June, 2019, 15 : 00 PM [IST]

Thomas Cook India issues clarification in the wake of reported acquisition news of its British namesake

Thomas Cook India Limited has issued a clarification in the wake reports in certain section of international media about the reported talks for acquisition of British travel company, Thomas Cook PLC, by Fosun, a Chinese company.  

In order to clear the confusion, Madhavan Menon, Chairman & Managing Director, Thomas Cook India Group, has issued a clarification saying that the Indian company 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) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited. 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 per cent stake in Thomas Cook India Ltd. (TCIL).”
 
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