Thomas Cook (India) Ltd (TCIL), the country's leading travel solutions company today announced its decision to acquire Travel Corporation (India) Pvt. Ltd. (TCI). The company proposes to acquire the entire shareholding of TCI, which post acquisition will be a wholly owned subsidiary of Thomas Cook India. The acquisition is subject to the approval of the shareholders of Thomas Cook India. The all cash deal is worth Rs. 182.45 crores.
Mr. Udayan Bose, Chairman Thomas Cook India said "The combination of Thomas Cook India and TCI would bring together two very successful and customer focused companies, who are committed to providing travelers across India with very best travel products and services". He further added "The TCI acquisition will consolidate our position in the inbound travel segment, which is in line with our objective to establish Thomas Cook India as among the largest players in India.In view of the increase in inbound tourism that the country is witnessing, for us to be able to offer two platforms for inbound traffic will be a big advantage in the market".
Mr. Jehangir Katgara, Director TCI said "Mergers and acquisitions are strengthening organizations all over the world and India is no exception. In view of the future of the travel industry, the complementary strengths of both the companies will leave the group well placed to meet any challenges".
Mr. Katgara has accepted the request from Thomas Cook to continue on the Board of TCI, which will help the process of consolidation. TCI which will become a wholly owned subsidiary of Thomas Cook India but will continue to operate as a separate legal entity.
