THOMAS COOK INDIA ANNOUNCES THE ACQUISITION OF KUONI GROUP'S TRAVEL OPERATIONS IN INDIA AND HONG KONG
- Thomas Cook India will operate Kuoni's businesses in India and Hong Kong as independent Companies
- Employees and offices are being taken over to ensure business continuity
August 7, 2015: Thomas Cook (India) Ltd., India’s premier integrated travel and travel related financial services company announced that it has signed a definitive agreement with Kuoni Group to acquire Kuoni’s Travel businesses across India and Hong Kong in entirety for a consideration of Rs 535 crore. The transaction remains subject to regulatory approvals as required.
Commenting on the acquisition, Mr Prem Watsa, Chairman & CEO of Fairfax Financial Holdings, the controlling share holder of Thomas Cook (India) Ltd, said, “Our acquisition of Kuoni’s tour operating and retailing businesses in India & Hong Kong as well as the Indian Inbound business reaffirms our belief in the India market potential, as also our strategic intent to explore viable geographies, including the larger Asia opportunity.”
Peter Meier, CEO of the Kuoni Group said "With the sale of the tour operating activities in India and Hong Kong, we have completed the sale of the outbound business as announced in January. I’m very pleased that we found forward-looking solutions for the units in India and Hong Kong.”
Rajeev Wagle, Managing Director Kuoni India added, “This is the natural coming together of two trusted travel brands with a long history both outside and within India. So while we will continue to operate as two separate companies & brands – a partnership like this - where each partner brings complementary strengths and capabilities to the table, has the potential to create a far more capable, more innovative, more efficient and most importantly – an organisation that can add more value to travellers in the markets we serve.”
Dipak Deva, CEO- Destination Management, India & South Asia at Kuoni Destination Management said “I am very excited about the journey that we are embarking upon today and the long term growth opportunity that this new partnership with Thomas Cook India brings with it. I expect that the significant strength, reach, efficiency, expertise and passion of our respective brands, networks and people will help us deliver a superior experience for our customers.”
As part of the acquisition, Thomas Cook (India) Ltd will take on all of the approximately 1,800 employees of Kuoni’s business unit in India and Hong Kong tour operating, and will continue to run the business activities as an independent company.
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 232 locations (including 23 airport counters) in 95 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’. CRISIL has assigned long term rating of CRISIL AA-/ stable outlook to the non convertible debenture programme and long term 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 was honoured with a Gold Award at PATA Gold Awards 2015; honored as India's Leading Tour Operator 2014, World Travel Awards Asia & Australasia 2014, 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. 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 30 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 holidays 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: 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
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