Thomas Cook India Nominates Members on TCI Board
Mr. Hoshang Billimoria inducted as Chairman and Thomas Cook nominee
Mr. Jehangir Katgara and Mr. Pradip Madhavji to be Independent Directors
Mr. Madhavan Menon to be Non Executive Director and nominee of Thomas Cook
Mumbai, December 28, 2006: Travel Corporation India (TCI), at its Board meeting today has reconstituted its Board. Mr. Hoshang Billimoria, has been inducted as Chairman and would be on the Board as a nominee of Thomas Cook India. Mr. Jehangir Katgara, Mr. Pradip Madhavji will function as Independent directors and Mr. Madhavan Menon (Managing Director, Thomas Cook India) would function as a non- executive Director and a nominee of Thomas Cook India. Thomas Cook India had recently acquired TCI in an all cash deal.
Mr. Hoshang Billimoria said, "I see a lot of promise in the combined strength of these two companies. Both are very strong brands and enjoy great synergies. I am confident that the stakeholders would stand to benefit with the new changes".
Mr. Jehangir Katgara said, "The inherent strength and customer franchise enjoyed by TCI would be further enhanced resulting in greater operational efficiencies and strategic momentum".
Mr. Madhavan Menon, Managing Director, Thomas Cook India, said, "The strategy that Thomas Cook adopted recently to accelerate its growth in India has started paying off. With travel business clocking rapid growth, the market strengths, people and infrastructure at TCI will help to build the travel business for both companies".
About Thomas Cook (India) Ltd.:
Thomas Cook India which is celebrating its 125 years of operations in India has embarked on a major growth phase and has plans to grow all its business segments in India by using both organic and inorganic growth drivers. Earlier this year Thomas Cook announced its proposed merger with LKP Forex, which when completed will establish itself as a strong No.1 in the foreign exchange segment. Thomas Cook India offers a broad spectrum of leisure travel-related services such as package tours, currency exchange and travel insurance as well as hotel and flight reservations. Thomas Cook has been present in India for 125 years and operates a total of 68 offices at various locations in the country and has operations in Sri Lanka & Mauritius. It employs around 1,200 staff and generated revenue of Rs. 142.1 crores (US$ 31.5 million) in the 2004/05 financial year. The company was acquired by Dubai Financial LLC at the beginning of the year.
Travel Corporation (India) Private Limited is one of India’s premier travel and tour organization offering national and international travel and tour services. It operates 27 offices at major tourist destination and cities in India and 11 offices in USA, Canada, Europe, UK, Korea, Japan, China and Australia and is one of India’s largest tour operators. It employs around 1,000 staff and reported an income of Rs. 40 crore (US$ 8.6 million) in the 2005/06.
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