Mr. Madhavan Menon appointed Managing Director of Thomas Cook India Ltd
Mumbai, April 27, 2006: Thomas Cook India Ltd has announced today, that the Board of Directors has decided to appoint Mr. Madhavan Menon as the Managing Director of the Company, effective April 27, 2006. Mr. Menon previously served as the Executive Director of Thomas Cook (India) Ltd.
Welcoming Mr. Menon to his new role, Mr. Udayan Bose, Chairman, Thomas Cook India Ltd said, "We are delighted to appoint Mr. Menon as our Managing Director. Mr. Menon will lead a team of highly professional managers to take Thomas Cook India to newer heights as the Company is embarking on a new growth path. We welcome Mr. Menon to his new position as Managing Director and wish him all the best".
The board has decided to sub-divide the shares of Rs 10 each into Rs 1 per share. The company has taken a decision to increase the authorized share capital from Rs 20 crore to Rs 40 crore by issuing 40 crore shares of Rs 1 each.
The company's board today has decided to raise the borrowing power of the company from the existing level of Rs 250 crores to Rs 500 crores.
The company has also decided to increase the limit of foreign institutional investors (FIIs) investment up to 49 per cent.
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.
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