Thomas Cook (I) Ltd acquires operations in Sri Lanka
Thomas Cook (I) Ltd , the leading Indian travel and financial company is expanding its operational reach in the Indian Ocean Rim region with the acquisition of the Thomas Cook Overseas (TCO) businesses in Sri Lanka, which is a subsidiary of Thomas Cook Holdings- UK. Thomas Cook (I) Ltd will now run the operation as an ongoing business under the TCIL umbrella.
The Thomas Cook (I) Ltd Board had given its approval for the acquisition in February 2000, and the Reserve Bank of India approval came through in December 2000. The sale price has been pegged at £ 4,00,000 (approx Rs 274 lakhs). The deal includes shares in the Tangerine Beach Resort near Colombo, also held by Thomas Cook Overseas. Thomas Cook (I) Ltd will take over the assets and liabilities of the operation effective January 1, 2000.
"Keeping in mind the regional and cultural similarities within various countries in this region, it is our long-term strategy to spread our wings in the Indian Ocean Rim region and the SAARC countries, "says Ashwini Kakkar, CEO & MD, Thomas Cook (I ) Ltd. "A recent study by the World Travel and Tourism Council (WTTC) has shown that the Indian Ocean region has emerged as the worldâs fastest growing tourism destination area, and hence a strong potential for our business growth , " he adds.
The Thomas Cook business in Sri Lanka, like India, was established about a 100 years ago. Currently it has 4 branches located in and around Colombo and recently opened a 5th office. It has a staff strength of about 75 employees. The core business areas are Foreign Exchange, Corporate Travel Management and Leisure Travel . The gross revenue earning for the year 2000 is INR 248 lakhs and profit before tax is INR 55 lakhs.
In keeping with the Companyâs expansion plan Thomas Cook (I) Ltd launched operations in Mauritius and opened three more offices in India during the year 2000.