Thomas Cook India intends to leverage growth potential of Kerala market
~Increases consumer access with a new branch at Thrissur~
Thrissur, May 10, 2017: Thomas Cook (India) Ltd., India’s leading integrated travel and travel related financial services company, strengthened its presence in Kerala with the inauguration of a new branch at Thrissur, inaugurated by
Smt. Ajitha Jayarajan, Honourable Mayor of The Municipal Corporation of Thrissur, in the presence of senior representatives from Thomas Cook (India) Ltd., Mr. V. Pradeep, Associate Vice President & Regional Head - Sales and Mr. Amit Bhatia, General Manager & Regional Head - Service Delivery & Foreign Exchange.
This expansion augments Thomas Cook India’s distribution and reach in Kerala to 13 consumer access centers: 10 owned branches across Thiruvananthapuram, Kollam, Pathanamthitta, Kottayam, Cochin-MG Road, Cochin-Palarivattom, Lulu Mall-Edappally, Thrissur, Calicut and Kannur, 2 airport counters at Cochin International Airport and Trivandrum International Airport and a Gold Circle Partner (franchise) outlet at Thrissur.
Thomas Cook’s internal research has highlighted Thrissur, Kerala as a high potential market and the Company has hence chosen the state as a key driver of its 2 pronged strategic plan:
1. Distribution-Reach: Focused expansion in viable metros/non-metros of Kerala via optimal mix of owned & franchise outlets.
2. Consumer empowering Product-Service Portfolio:
· Remittances (both Inward and Outward); its “Send Money Abroad” covering over 120 countries
· Prepaid Travel Cards:
o Multi currency Borderless Prepaid Card in partnership with MasterCard- with 8 global currencies
o Thomas Cook One Currency Card – India’s first prepaid card with Zero cross currency conversion fees
· Easy ways to Book for Kerala’s rapidly evolving on-the-move consumer
(Forex App; Online Forex; Forex on Mobile)
· Education Forex for Kerala’s strong overseas student segment with discounted air fares, excess baggage, insurance and foreign exchange products
In addition are Thomas Cook’s diversity of offerings, including travellers cheques, 26 global currencies, Draft & Wires money to universities in 120 countries.
Thomas Cook India’s new outlet at VTR Tower, near East Fort, Thrissur is a prime location providing the Company a viable catchment area for a range of consumers: NRIs, families, business travellers, students and senior citizens. Thomas Cook’s new retail outlet will offer travellers end-to-end Foreign Exchange services.
Mr. Mohan Krishna H., Sr. Vice President & Head - Sales & Relationship Management Foreign Exchange, Thomas Cook (India) Ltd, said, “Kerala is a significant source market and is delivering strong growth of 20% YoY for our Foreign Exchange business. Kerala has been identified as a prime growth driver as part of our strategic plan, and our new branch at Thrissur, being a key residential area and a viable NRI & student hub, gives our consumers convenient access to a range of travel and foreign exchange services.”
He concluded by adding, “Innovative products like our unique Thomas Cook One Currency Card & FOREX mobile app, are of great value to Kerala’s tech savvy travellers and we are confident of seeing strong uptake.”
Ms. Liffy Francis, Mobile: 9495736318 Phone: 08086 001001.
Thomas Cook (India) Ltd, 1st Floor, VTR Tower Building, No. 8/149/5, East Fort, Thrissur – 680005.
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 261 locations (including 21 airport counters) in 102 cities across India, Mauritius & Sri Lanka and is supported by a strong partner network of 96 Gold Circle Partners and 81 Preferred Sales Agents in over 130 cities across India.
ICRA has retained the long-term rating of TCIL’s non-convertible debenture programme at ‘ICRA AA/Stable’. CRISIL has assigned a long term rating of ‘CRISIL AA– / stable’ to the non-convertible debenture programme and long-term banking facilities, and a short-term rating of ‘CRISIL A1+’ to TCIL’s banking facilities. Further, ICRA has retained the rating of ‘ICRA AA– / Stable’ on the Company’s preference share programme.
TCIL 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; Best Company providing Foreign Exchange at the CNBC AWAAZ Travel Awards 2015 & 2014; felicitated with The French Ambassador's Diamond Award for Exemplary Achievements in Visa Issuance 2015 & 2016; Condé Nast Traveller Readers' Travel Awards 2016 to 2011. TCIL’s Travel Quest was honoured at PATA Gold Awards 2015 and TCIL’s Centre of Learning has received IATA accreditation as Top 10 South Asia IATA Authorized Training Centers 2016, 2015, 2013 & 2012. For more information, please visit www.thomascook.in
TCIL is promoted by Fairfax Financial Holdings Limited through its wholly-owned subsidiary, Fairbridge Capital (Mauritius) Limited and its controlled affiliates which holds 67.66%. 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 holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. The company was founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa. The company has been under present management since 1985 and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.
The company, through Thomas Cook (India) Ltd., owns 62.17% of Quess Corp Limited (formerly IKYA Human Capital Solutions Limited), a provider of integrated business services, and 100% of Sterling Holiday Resorts Limited (formerly Thomas Cook Insurance Services (India) Limited), a company engaged in time share and resort business.
About Quess Corp Limited: Quess Corp Limited (Quess), established in 2007, is India’s leading integrated business services provider; headquartered in Bengaluru. Quess has a Pan-India presence with 65 offices across 34 cities along with an overseas footprint across 9 countries and an employee strength of over 1,58,000 as of Dec 31, 2016 . It serves more than 1300 customers across 4 segments - Global Technology Solutions, People & Services, Integrated Facility Management and Industrial Asset Management. Quess has a Market Capital of over INR 8,200 Crores as on Dec 31, 2016 and revenue of INR 3,035 Crores in the 9 months ended Dec 31, 2016. For further details on Quess, please visit: http://www.quesscorp.com
About Sterling Holiday Resorts Limited: Sterling Holiday Resorts Limited, a leading holiday lifestyle 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 27 resorts (1963 operational rooms) in 24 scenic holiday destinations in India.
In pursuance of the Order of Hon’ble High Court, Bombay, dated July 2, 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 vacation ownership and resort business. In March 2016, Sterling acquired 100% stake in Nature Trails (an adventure holiday company) and this will add 93 rooms + Tents and Dorms [400 beds] to the total room inventory of Sterling. The company also has 17 additional sites where it plans to add new resorts in the coming years. For more information visit: www.sterlingholidays.com
About SOTC Travel Services Pvt Ltd (formerly Kuoni Travel (India) Pvt. Ltd) & Travel Circle International Services Limited (Formerly Kuoni Travel (China) Limited) : SOTC Travel Services Pvt Ltd (Formerly "Kuoni Travel (India) Pvt. Ltd.") is a step-down subsidiary of Fairfax Financial Holdings Group; held through two companies, its Indian listed subsidiary, Thomas Cook (India) Limited (TCIL) and TCIL's subsidiary Travel Corporation (India) Ltd. SOTC is a leading travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel, Business Travel, Destination management Services and Distribution Visa Marketing Services.
TCIL through its step down Subsidiary Travel Circle International Limited (formerly Luxe Asia Travel (China) Limited ) held 100% stake in Travel Circle International Services Limited (formerly Kuoni Travel (China) Limited), which has an attractive business in the travel sector backed by a trusted brand name, and a stable and motivated professional management team. The company is a premium outbound travel operator in Hong Kong. The Company Travel Circle International Services Limited has been merged with Travel Circle International Limited w.e.f. Dec 13, 2016.