Thomas Cook India in focus today as the company has met with investors to discuss the company's growth and strategies for the year ahead. In an interview to CNBC-TV18, Madhavan Menon, Chairman & MD of the company spoke at length about the same.
Thomas Cook will sell 5.42 percent stake in their subsidiary Quess Corp via Rs 600 crore offer for sale. This will bring the promoter holding in Quess Corp down to 75.38 percent from 81.52 percent.
Thomas Cook saw 60 percent growth in demand for monsoon 2017. In an interview to CNBC-TV18, Madhavan Menon, CMD of the company spoke about the strong monsoon bookings.
With service tax rate increasing to 60 percent from 40 percent, cost to the consumer will go up, said Thomas Cook COO, Mahesh Iyer. The new tax will be effective from January 22.
Pawan Munjal, Managing Director of Hero Motocorp and Madhavan Menon of Thomas Cook believe that demonetisation will aid in long-term but lead to short-term pain
Demand is visible in South East Asian countries and Australia. The demand for long weekends in short haul packages has also risen, which is a complete new trend for Thomas Cook.
The company‘s forex and inbound businesses are doing well largely, which makes Thomas Cook CMD Madhavan Menon expect this year‘s growth at par with last year.
Elaborating on the pilot project inked with Airbnb, Mahesh Iyer, chief operating officer- foreign exchange and head - visas at Thomas Cook India says internal research suggests the experiential holiday concept is catching up fast in India, as travellers today seek varied experiences than being confined to a hotel room.
Thomas Cook has seen growth in outbound tourism in Q42015 and they have already started bookings for summer 2016, said MD, Madhavan Menon.
Mahesh Iyer, Chief Operating Officer- Foreign Exchange & Head- Visas, Thomas Cook (India), says the company is the principal agency for Xpress Money and MoneyGram International Inc in India, via which the money is transferred by people working abroad who do not have access to formal banking channels.
In an interview with CNBC-TV18, Madhavan Menon, MD, Thomas Cook says the company has its focus around Europe and the United States where growth has been 26 percent and 19 percent, respectively.
Business services and staffing company Quess Corp, a subsidiary of Thomas Cook India, has received board approval relating to its raise long-term funding needs, options that could also include coming out with an initial public offering (IPO), CMD Ajit Isaac told CNBC-TV18.
Thomas Cook (India) signed a long-term agreement with a global distribution company Amadeus. Amit Madhan, COO-IT & e-Services of Thomas Cook (India) spoke about the agreement details and company‘s future prospects.
Madhavan Menon also says that Ikya has worked out as an excellent acquisition. He expects Ikya to contribute more to company‘s profits and continue growing, led by policy changes.
The combined value of the two organisations will exceed about Rs 3,000 crore, said Madhavan Menon.
Sterling expects to get around Rs 187 crore through preferential issue which will be around 23.2 percent.
Speaking to CNBC-TV18, Madhavan Menon, managing director, Thomas Cook, says the company is likely to see a 20 percent plus growth on outbound travel. And while inbound travel was sluggish, it started seeing an improvement recently from Russian and American tourists.
In an interview to CNBC-TV18, Madhavan Menon, MD, Thomas Cook spoke about properties and the last two quarters being tough for the company.
Thomas Cook India has got Securities and Exchange Board of India‘s (Sebi) approval for issuing nearly 3.5 crore shares or a 14 percent stake through the institutional placement route.
Thomas Cook India will raise Rs 200 crore by issuing non-convertible debentures (NCDs) on a private placement basis. Its promoter Fairfax has USD 30 billion invested worldwide and with the might of this new promoter the company is exuding confidence like never before.
Fairfax has USD 30 billion invested worldwide and with the might of this new promoter behind Thomas cook India, it is exuding confidence like never before.
With Thomas Cook's new promoter Fairbridge Capital holding 87% stake, Madhavan Menon, MD, Thomas Cook India informed that there have been no discussions yet with the new promoters regarding reducing stake.
Thomas Cook India managing director Madhavan Menon told CNBC-TV18 it was too early to comment on whether the company would be delisted.
Until now, Thomas Cook has been enjoying its monopoly as the only travel company to have an authorised dealer licence also known as a Nostro licence. Peter Kerkar the director says the advantage is it will give them between Rs 2-3 crore of net profit per quarter through the year.
Thomas Cook India expects the stake sale process of parent company, Thomas Cook PLC, to be completed by mid 2012.