Thomas Cook India Group announces successful closure of acquisition of Kuoni Travel (India) Private Limited

 

 

Mumbai, December 17, 2015: Thomas Cook (India) Ltd, India’s leading integrated travel and travel related financial Services Company, along with Travel Corporation (India) Limited, its wholly owned subsidiary, formally completed the process of acquisition of 100% shareholding of Kuoni Travel (India) Private Limited from the Kuoni Group, on December 16, 2015.

 

With this, Thomas Cook India completes the acquisition process of Kuoni Group’s Travel businesses across both India and Hong Kong. In addition to the current brands of Thomas Cook and Travel Corporation (India) Ltd (TCI), the acquisition will allow Thomas Cook India Group the usage of the SOTC brand (including SITA) in perpetuity, the Kuoni brand in India for 12 months and in Hong Kong for 5 years.

 

Commenting on the acquisition, Mr. Madhavan Menon, Managing Director of Thomas Cook (India) Ltd, said, "We have successfully completed the closure process for the acquisition of Kuoni Travel across India and Hong Kong; this gives us significant synergies across the entire spectrum of travel services, including, Inbound, MICE, Outbound and Domestic, as also Corporate Travel. As part of our strategic intent of a larger Asia play, we had taken the first step with our acquisition of Luxe Asia in Sri Lanka, and Kuoni Hong Kong is now a reiteration of our intent.

 

Mr. Menon added, “The acquisition of Kuoni India – ably led by the Management Team under Rajeev Wagle and Dipak Deva- represents strong businesses and brands that we plan to leverage for customers of both Kuoni and Thomas Cook India, and we welcome aboard all our colleagues at Kuoni 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 (exclusive of its subsidiaries) currently extends to over 233 locations (including 23 airport counters) in 92 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 116 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 a 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. Further, ICRA has assigned a rating of ‘ICRA AA-/Stable’ to the company’s proposed preference share programme.

 

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 2014Favourite Tour Operator at the Condé Nast Traveller Readers' Travel Awards 2015  - 2011 ,recognized as a Consumer Superbrand 2013-14 & 2012-2013 and National Tourism Awards 2013-2014. 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.

 

TCIL has announced the acquisition of Kuoni Travel (India) Private Limited, a travel operator in India, and Kuoni Travel (China) Limited, a premium travel operator in Hong Kong

 

About Fairfax Financial Holdings Limited:

 

Fairfax Financial Holdings Limited is a financial services holding company based in Canada with a global presence in insurance and reinsurance, as well as joint ventures including ICICI Lombard (India).  The Company, founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, has over the past 30 years, demonstrated a strong and consistent financial track record.  For the year ended December 31, 2014, Fairfax increased book value per share at a compounded annual growth rate of 21.1% since its inception with a corresponding compounded annual increase in share price 19.8% and had over US $36 billion of assets.

 

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 100% of Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited) engaged in time share and resort business.

 

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

 

 Quess Corp Ltd., India’s leading business services provider established in 2007. Headquartered in Bengaluru, the company has over 1,10,000 employees, serves over 1500 customers across 8 countries in more than 8000 locations. It has presence across 5 verticals namely, Global Technology Solutions, Industrial Asset Management, Integrated Facilities Management, People Services & Logistics and Growth Businesses Group.With revenues of about USD 400 million, Quess Corp Ltd. is a step-down subsidiary of USD 37+ billion (as of 30th Sept 2014) multinational, Fairfax Financial Holdings Group; held through its Indian listed subsidiary, Thomas Cook India Limited. For further details on Quess Corp Ltd. please visit: http://www.quesscorp.com

 

About Sterling Holiday Resorts Limited:

 

Sterling Holiday Resorts 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. To achieve this vision, the company pioneered Vacation Ownership in India and set about building a network of leisure resorts at some of the best holiday destinations in India. Currently, Sterling Holidays has a total inventory of 1767 rooms spread across a network of 24 resorts in 21 scenic holiday destinations in India.

 

In pursuance of the Order of Hon’ble High Court, Bombay, dated 2nd July, 2015 sanctioning the Composite Scheme of Arrangement and Amalgamation between Sterling Holiday Resorts (India) Limited (SHRIL) and Thomas Cook Insurance Services (India) Limited (TCISIL) and Thomas Cook (India) Limited (TCIL) and their respective shareholders and creditors (Scheme), the time share and resort business division and undertaking of SHRIL was Demerged into TCISIL and the residual business of SHRIL was Amalgamated with TCIL.

 

Post implementation of composite scheme, Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited) continued the time share and resort business.

 

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 – D:+91-22-66091380; M: +91-9820297665; E:suzanne.pereira@in.thomascook.com

 

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