Thomas Cook to acquire TCI for Rs 1.82 bn
Travel services firm Thomas Cook India Ltd. said on Friday it would acquire 100 percent stake in Travel Corp. (India) Pvt. Ltd. for about 1.82 billion rupees, at 1,157.17 per share.
Thomas Cook would also acquire 76 percent in visa services firm TT Enterprises Ltd. for 169.1 million rupees, the company said in a statement.
"The TCI acquisition will consolidate our position in the inbound travel segment, in line with our objective to establish Thomas Cook among the largest players in India," Thomas Cook Chairman Udayan Bose said in a statement.
TCI would become a wholly-owned unit of Thomas Cook, but function as a separate entity.
Thomas Cook said the acquisition would result in a platform of almost 200 branches and outlets, making the combination the largest travel organisation in India in terms of distribution capability.
Thomas Cook shares rose by their maximum daily limit of 10 percent, ending at 564.05 rupees in a firm Mumbai market.
Source:
