Thomas Cook India acquires Luxe Asia via its subsidiary Thomas Cook Lanka (Pvt) Ltd

~ Significant synergy with Thomas Cook India’s Inbound, Outbound, Corporate MICE~

 

 

 

Mumbai, July 30, 2015: Thomas Cook (India) Ltd., India’s leading integrated travel and travel related financial services company, announced its acquisition of Luxe Asia, a Destination Management Company based in Sri Lanka, through its wholly owned subsidiary Thomas Cook Lanka (Pvt) Ltd. The Company will be operated as an independent entity.

 

Thomas Cook India’s acquisition of Luxe Asia gives it significant presence in Sri Lanka with destination management capabilities in Sri Lanka and the Indian Ocean region; also synergies with its key business lines of Outbound, Inbound and Corporate MICE.  

  

Based in Sri Lanka, Luxe Asia is focussed primarily on inbound tourism from key global markets and services both tour operator and traveller segments across its ten destinations in the Indian Ocean Region and Asia. The 2 joint ventures of Luxe Asia include, Khiri Travels, a leader with over 20 years of operation in the South East Asian region; also a Destination Management Company for the UAE market.

 

Commenting on the acquisition, Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. said, “Our acquisition of Luxe Asia reiterates delivery of our strategic intent of establishing a global Destination Management presence. Luxe Asia will continue to focus on its core domain of Inbound Tourism across key global source markets.

 

He concluded by stating, “Luxe Asia is a great fit to our portfolio and we aim to draw on the strong synergies with our Outbound, Inbound and MICE businesses at Thomas Cook India.”

 

 

 

About Thomas Cook (India) Limited:

 

Thomas Cook (India) Ltd (TCIL) is the leading integrated travel and travel related financial services company in the country 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.

 

TCIL’s footprint currently extends to over 233 locations (including 19 airport counters) in 94 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 115 Gold Circle Partners and 112 Preferred Sales Agents in over 130 cities across India.

 

ICRA has upgraded the long term rating of Thomas Cook (India) Limited’s non convertible debenture programme to ‘ICRA AA/Stable’ from ‘ICRA AA-/Stable’, assigned earlier. CRISIL has assigned long term rating of CRISIL AA-/ stable outlook to the non convertible debenture programme and banking facilities and short term rating of CRISIL A1+ to TCIL’s banking facilities.

 

Thomas Cook (India) Ltd has been voted as Favourite Outbound Tour Operator at the Outlook Traveller Awards 2015, Best Tour Operator - Outbound at the CNBC AWAAZ Travel Awards 2015, 2014 & 2013 and Best Company providing Foreign Exchange at the CNBC AWAAZ Travel Awards 2015 & 2014; felicitated with Diamond Award for Exemplary Achievements in Visa Issuance at the French Ambassador's Travel Awards Ceremony 2015; Thomas Cook India’s Travel Quest honoured with a gold award at PATA Gold Awards 2015; honored as ‘India's Leading Tour Operator’ for the year 2014, at the 21st Annual World Travel Awards Asia & Australasia 2014, Best Tour Operator at the Lonely Planet Travel Awards 2013, Favourite Tour Operator at the Condé Nast Traveller Readers' Travel Awards 2014, 2013, 2012 & 2011 and recognized as a “Consumer Superbrand” 2013-14 & 2012-2013. In addition, TCIL has been chosen as the Best Corporate Travel Management Company by World Travel Brands 2012. At the National Tourism Awards 2012-2013, TCIL was the recipient of 3 prestigious awards. Thomas Cook India’s Centre of Learning has received IATA accreditation as “Top 10 South Asia IATA Authorized Training Centers”2015, 2013 & 2012. For more information, please visit www.thomascook.in

 

Thomas Cook (India) Limited is promoted by Fairfax Financial Holdings Limited through its wholly-owned subsidiary, Fairbridge Capital (Mauritius) Limited and its controlled affiliates.  Fairbridge is responsible for the execution of acquisition and investment opportunities in the Indian subcontinent on behalf of the Fairfax family of companies.

 

About Fairfax Financial Holdings Limited:

 

Fairfax Financial Holdings Limited is a Toronto-based financial services holding company with a global presence in insurance and reinsurance and a portfolio of assets in excess of $38 billion invested worldwide. The Company, founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, has over the past 25 years, demonstrated a strong financial track record to achieve an annual appreciation in Book Value per Share of 24.7% annually. Fairfax has almost 20 general insurance subsidiaries and joint ventures globally, including ICICI Lombard (India).

Fairfax is engaged in long term investments from its own resources, with a focus to delivering long term capital appreciation through a flexible and value oriented approach. Fairfax Financial Holdings through Thomas Cook (India) Ltd. owns 73.96% on a fully diluted basis of the Quess Corp Limited (formerly IKYA Human Capital Solutions Limited), a provider of specialised Human Resource related Services and 55.01% of Sterling Holiday Resorts (India) Ltd, engaged in time share and resort business and holiday activities.

 

About Quess Corp Limited (formerly IKYA Human Capital Solutions Limited)

 

Quess Corp Limited is a market leading business services entity with interests in Asset Management, IT Services and HR services. Headquartered in Bangalore, the Group has more than 80000 employees, operates in 27 cities in India, the North America, Middle East and South East Asia.  The group has grown through a series of acquisitions in the last seven years and has INR 2,200 crores as revenue. Quess Corp Limited is a subsidiary of Thomas Cook (India) Ltd. For more information visit: http://www.quesscorp.com/

 

About Sterling Holiday Resorts (India) Limited:

 

Sterling Holiday Resorts (India) Limited, a pioneer in vacation ownership and a leading leisure hospitality company in India, was incorporated in 1986 with the vision of delivering great holiday experiences to Indian families. Sterling Holidays’ network includes 1767 rooms across 24 resorts in 21 scenic holiday destinations pan India. The company also has 15 additional sites where it plans to add new resorts in the coming years. For more information visit: www.sterlingholidays.com

 

For Media Enquiries please contact:

Thomas Cook (India) Limited: Suzanne Pereira +91-9820297665;  suzanne.pereira@in.thomascook.com

Perfect Relations: Ritika Arora  +91-9820910855;  rarora@perfectrelations.com