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Jul 24, 2013, 08.08 AM | Source: CNBC-TV18

Thomas Cook puts its Mumbai office on sale

Priyanka Ghosh of CNBC-TV18 reports that travel giant Thomas Cook has now joined the bandwagon of MNCs, acting on the total asset monetisation plan they had laid out a while ago.

Travel giant Thomas Cook has now joined the bandwagon of multi national corporations looking to sell non-core assets in a bid to consolidate. In a latest development, the company has put up its Mumbai office on the block, reports CNBC-TV18's Priyanka Ghosh.

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The sale comes as a part of the total asset monetisation plan that the company had been reporting. It had reported this on May 20. The asset is located in Chandramukhi building at Nariman Point. The area is 10,300 square feet. The deal is expected to be clinched anywhere between Rs 30-32 crore.

According to market analysts, the total deal is expected to be fetched at about Rs 30,000-32,000 per square foot.

Thomas Cook is looking to sell 60-70 percent of its total assets in a bid to consolidate operations. It is estimated that it has about 60,000 square feet in Mumbai and over a lakh of square feet pan India.

Since the locations of these assets are so fragmented they couldn't ascribe a particular valuation to the total asset sale.

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