2006 Press Releases

Thomas Cook India Limited reconstitutes Board of Directors Udayan Bose takes over as Non-Executive Chairman Ashwini Kakkar steps down as Managing Director

At a Board meeting held today, Thomas Cook (India) Limited (TCIL) reconstituted its Board of Directors with the induction of 6 new Directors into the Board. Well-known banker Mr. Udayan Bose has taken over as Non-Executive Chairman and Mr. Sayanta Basu has taken over as Additional Director and Deputy Chairman. The other Directors who have been inducted are Ms. Jacqueline Gorski, Mr. AbdulHakeem Kamkar, Mr. A. V. Rajwade and Mr. Dilip De.

This change of the Board follows the completion of the acquisition of Thomas Cook International Markets Ltd., UK, by Dubai Financial LLC. It may be recalled that on 21st December 2005, Dubai Financial agreed to acquire 100% of Thomas Cook International Markets Ltd., UK and accordingly an open offer was launched. The transaction has now achieved completion. Dubai Financial LLC is a 100% subsidiary of Dubai Investment Group, the global investment arm of Dubai Holding. Dubai Investment Group has offices in USA, UK and Asia and this is their first deal in India.

Mr. Ashwini Kakkar has stepped down as CEO & Managing Director of Thomas Cook India with immediate effect alongwith Dr. Thomas Doering (Chairman) and Mr. Heinz Ludger Heuberg (Vice Chairman). Other outgoing Directors include Ian Ailles, Roland Zeh, Juergen Bueser & Lester Porter.

Mr. Kakkar will however continue to offer his services to Thomas Cook India as Advisor to the Board for at least a period of six months. Commenting on developments, Mr. Kakkar said, "In my years with Thomas Cook India, I've seen our business grow and Thomas Cook India is now the leading player both in the travel and financial services space. Going forward, I am sure that the growth pattern will continue and the change in ownership and shareholding pattern augurs well for the future of the Company. What I foresee is an upsurge of promising initiatives for Thomas Cook’s personnel in India and the surrounding region and I will continue to offer my services in an advisory capacity so as to ensure smooth transition."

Speaking on this development, Mr. Udayan Bose said, "With the Government’s thrust on travel and tourism and with Thomas Cook occupying a unique position in the travel trade, it would be very exciting to work with a highly motivated team in Thomas Cook India and go for higher growth and success. I know that Dubai Financial LLC and Dubai Investment Group are totally committed to India and my efforts will be to create synergy between Thomas Cook and its shareholders."

About Thomas Cook India Limited

Thomas Cook India offers a broad spectrum of leisure travel-related services such as package tours, currency exchange and travel insurance as well as hotel and flight reservations. Thomas Cook has been present in India for 124 years and operates a total of 60 offices at various locations in the country. Moreover, Thomas Cook India has branches in Sri Lanka and Mauritius. The company employs a total of 1,130 staff and generated sales of rupees 1.3bn (€23.3m) in the 2003/04 financial year.

Thomas Cook AG is the second largest leisure group in Europe with 24,000 employees, 36 tour operator brands, a fleet of 76 aircraft and 2,400 travel agencies. In the 2003/04 financial year Thomas Cook generated sales totalling €7.5bn.

About Dubai Investment Group

Dubai Investment Group (DIG) is the global financial investor of Dubai Holding. Headquartered in the emirate of Dubai and with local offices that stretch from New York through London to Kuala Lumpur, the Group focuses on long and short-term investments with the potential to deliver exceptional and sustainable performance.

DIG is structured as a conglomerate of investment companies operating around core expertise in the asset classes of Global Securities, Real Estate and Fund Management. The Group has created and manages a diversified and rapidly expanding portfolio of direct and indirect investments. It focuses on key sectors including Financials, Industrials, Telecommunications and Hotels.

About Dubai Holdings

Dubai Holding was launched in October 2004 to consolidate the various large scale infrastructure and investment projects in Dubai that were created over the past five years as well as research, identify and execute future major projects that will benefit the UAE and the region.

Dubai Holding currently has 21 companies operating in a variety of sectors ranging from health, technology, finance, real estate, research, education, humanitarianism, tourism, energy, communication, industry, biotechnology and hospitality.

These companies include: Dubai Internet City, Dubai Media City, Dubai Healthcare City, Dubailand, Dubai International Capital, Dubai Industrial City, Dubai Properties, Dubai International Properties, Dubai Humanitarian City, Dubai Investment Group, Dubai Energy, Dubai Knowledge Village, Arabian Radio Network, Dubai Outsource Zone, International Media Production Zone, E-Hosting Datafort, Empower, SamaCom, Jumeirah International, Dubiotech and Dubai Studio City.

For more information contact:
Ms. Kruti Sharma
Thomas Cook (India) Ltd.
Ph. No.: 91-22-22048556-8 Extn. 1400
Email: Kruti.Sharma@in.thomascook.com