2003 Press Releases

Thomas Cook (India) Limited Announces Strong Results For Q1

Thomas Cook India Limited (TCIL) announced to the Stock Exchange today the appointment of Mr Stefan Pichler, Chairman and CEO, Thomas Cook AG, as its new Chairman of the Board. The appointment will take effect after the conclusion of the company's Annual General Meeting on 24 February 2003.

At the same time the Board will consider the appointment of Mr Alan Stewart as the Vice Chairman. Mr Stewart has been a member of Thomas Cook (India) Limited Board since December 8, 1999.

Mr. Pradip Madhavji joined the company on March 1, 1979 as Managing Director. He was appointed Deputy Chairman & Managing Director with effect from August 11, 1992. On November 8, 1993 he was appointed Executive Chairman and became non-executive chairman with effect from January 1, 2001.

Mr. Pichler said, "We owe a great deal of thanks to Pradip during his long serving career with Thomas Cook (India) Limited. Under his leadership Thomas Cook's Indian business has become the leading travel and travel-related financial services company in the market."

Thomas Cook AG is an international group with ambitious growth plans for the future. We view India as an important market, and in my new position as Chairman of the Indian Board I can now take a more active role in the development of the business."

Mr. Madhavji commented, "It has been both an honour and privilege to lead Thomas Cook's Indian business during a period of great change for both the company and the travel industry in India. Given that the Indian business is now part of the international business of Thomas Cook AG, it makes sound commercial and strategic sense for the company to be led by Mr. Pichler. I will continue to watch the development of the company with great interest and wish the Group all the success in the future."

At the operational level, Mr Ashwini Kakkar who joined Thomas Cook (India) Ltd as CEO & MD in June 16, 1997 will continue to manage the Thomas Cook operations in India as also the operations in Egypt and the Indian Ocean Rim region.

Mr Pichler, Mr Stewart and Mr Madhavji will be available for interview at the forthcoming Annual General Meeting of TCIL on 24 February 2003.