2007 Press Releases

Thomas Cook signs MoU with JTB Corp.

~ JTB Corp. is the largest travel solutions company in Japan ~

~ Travel cooperation arrangements across Asia Pacific, Europe, America & Oceana worldwide

Mumbai, December 13, 2007: Thomas Cook (India) Ltd., India’s largest integrated travel and travel related services company, today signed a Memorandum of Understanding (MOU) with JTB Corp. Japan, one of the largest travel solutions companies in the world.

The alliance will allow Thomas Cook to access the JTB Corp. network across 30 countries alongwith affiliates spreading over 800 offices. For JTB Corp. the alliance will provide a ready platform to enter the Indian market.

Speaking on the occasion Mr. Udayan Bose, Chairman, Thomas Cook (India) Ltd said, "The year 2007 was designated as India-Japan Tourism Exchange Year. Both countries hope to increase the number of visitors between the two countries to approximately 300,000 by 2010, which will be nearly double that of the 2005. Hence, we are pleased to enter into an alliance with JTB Corp., the largest travel company in Japan and one of the largest travel companies in the world. We see great potential in this co-operation across a wide range of travel activities including Leisure Outbound, Corporate Travel and Inbound Travel to India. In any case Japan was being looking at by us as a target country for inbound and outbound tourism. This co-operation will benefit both the companies and countries immensely".

Mr. Ken Hibino, Executive Director - JTB Corp. said, "India’s economic growth is driving travel and tourism strongly. India is an attractive market and we have been planning to enter this market for a while.” He adds, “It is a major milestone as two big giants in their respective countries have decided to join hands together. We are pleased to have found a right fit in Thomas Cook, a company backed by strong credibility and network across the country."

Thomas Cook expects to witness growth in areas such as in-bound and out-bound tours. With this alliance, Thomas Cook also expects to see tremendous growth in its corporate travel business as it would now have access to the global relationships of JTB Corp. Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd said, "With business travel growing at the 20%, this alliance will provide further impetus to our corporate travel business."

Every year with increasing number of travelers into India from Japan; JTB Corp. being the leader in the Japanese market, would be able to use the network of Thomas Cook to serve its clientele better. The travel cooperation arrangements would be for inbound, outbound and corporate travel across markets such as Japan, China, South-East Asia, Australia, New Zealand, Europe and America.

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 over 125 years and operates a total of over 170 offices at various locations in the country and has operations in Sri Lanka & Mauritius. It employs close to 2,500 staff and generated revenue of (annualized) Rs. 234.7 crores in the 2005 - 06 financial year. The company was acquired by Dubai Financial Group LLC in 2006.

About JTB Corp.

JTB Corp. is the largest travel organization in Japan. JTB Group consists of 157 companies both within Japan and overseas. It employs over 27000 staff in travel, transportation, logistics, real estate, advertising, event planning, information services, insurance, education, printing, publishing and a whole vast network of business operations. JTB is present in over 1000 locations throughout Japan, and overseas there are 82 bases in 74 cities. The Annual Gross Turnover for 2006-07 was US$ 11.2 Billion and Ordinary Profit was US$267 Million.

For further information please contact:
Thomas Cook (India) Limited
Kruti Sharma
Tel: +91 22 2204 8556