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Thomas Cook India update on pledge by Thomas Cook Group plc


Mumbai, January 12, 2012: Thomas Cook Group plc (TCG) had informed the Bombay Stock Exchange and the National Stock Exchange that a pledge has been created on the securities held by the promoters, TCIM Ltd and Thomas Cook UK Ltd in Thomas Cook (India) Ltd of their total shareholding of 163471449 shares, representing 77.11% of the issued share capital.

 

Thomas Cook (India) Ltd (TCIL), of which Thomas Cook Group plc is a shareholder, is a public limited company listed on the National Stock Exchange and Bombay Stock Exchange since 1983 and is completely independent of the parent. It is a standalone entity and has no financial inter-dependencies with Thomas Cook Group plc. Thomas Cook Group plc is therefore only a shareholder in Thomas Cook (India) Ltd.

 

Mr Madhavan Menon, Managing Director, Thomas Cook (India) Ltd said:
“The creation of a pledge by Thomas Cook Group plc is a standard requirement in procurement of its enhanced financial facilities. As just announced to the Stock Exchanges, Thomas Cook (India) Ltd has been reaffirmed with a rating of A1+ for short term borrowings and AA- for its long term debt by CRISIL. This is a clear indication of the strong and viable commercial standing of Thomas Cook (India) Ltd. I would like to re-iterate that the statement issued by Thomas Cook Group plc has no impact on TCIL’s financial position or operational performance.

 

He added: “We have had an impressive growth in the last Summer holiday season and continue to see strong demand for all our products. The rupee depreciation has resulted in a further positive upside to our Foreign Exchange business. Our forward bookings are showing strong demand on the holiday side as well. The upcoming holiday season is one that we are looking forward to and have launched a range of attractive packages to meet this demand.

 

This development will have no impact on our business, people, customers, suppliers and the services we provide. We continue to operate business as usual.”

 

About Thomas Cook (India) Limited:

Thomas Cook is the largest integrated Travel and Travel related Financial Services Company in thecountry offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. The Company set up its first office in India in 1881, and has been providing world-class travel service for 130 years.

 

TCIL’s footprint currently extends to over 216 locations (including 26 airport counters) in 78 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 107 Gold Circle Partners and 180 Preferred Sales Agents in over 100 cities pan India.

 

Thomas Cook has been awarded with the prestigious “Favourite Specialist Tour Operator" award at the Condé Nast Traveller Readers' Travel Awards 2011 and was also conferred with the CNBC AWAAZ - “ Best company providing foreign exchange” in India for the third year in a row. In addition, Thomas Cook (India) Ltd has been awarded the ‘Most Trusted Tour Operator Brand’ by the Times Travel Honours 2011 and also recognized as a “Superbrand” 2011-2012 by the consumers for
excellence in travel services.
For more information, please visit www.thomascook.in

 

About Thomas Cook Group plc:

Thomas Cook Group plc is one of the world's leading travel groups with FY 2010 sales of £8.9 billion and 22.5 million customers. The Group operates under six geographical segments in 21 countries, and is number one or two in all its core markets. Its business is supported by 31,000 employees, a fleet of 94 aircraft and a network of over 3,500 retail outlets. For further details please visit www.thomascookgroup.com

 

For Media Enquiries please contact:
Thomas Cook (India) Limited
Suzanne Pereira – B: +91-22-61603333; D: +91-22-66091380; M: +91-9820297665;
suzanne.pereira@in.thomascook.com

Perfect Relations
Rini Raja - B: + 91-22-24367155 M: +919820408000
rraja@perfectrelations.com