Thomas Cook India clarifies business ownership
Thomas Cook (India) Limited has issued a statement assuring worried customers it isn’t about to be sold any time soon.
While the UK’s Thomas Cook PLC has rarely been out of the news due to its financial struggles and possible takeover, Thomas Cook India is a completely separate, unrelated entity.
It has been a separate business since it was acquired by Canada based Fairfax Financial Holdings in 2012.
"Post transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited," said Madhavan Menon, chairman and MD, Thomas Cook India Group.
"The last seven years have been fruitful as we continue to grow and build our legacy as an independent entity after Fairfax Financial Holdings acquired a 77% stake."
Although the India business has always made a distinction between itself and its one-time parent company, it says media reports over Thomas Cook UK’s possible takeover by its biggest shareholder Fosun is fuelling confusion among some its customers.
China’s Fosun, which also owns Club Med, is in talks over a possible acquisition.
Thomas Cook has a surprisingly long history in India, opening its first store in Bombay in the late 19th century and the India offshoot was officially incorporated as Thomas Cook (India) Ltd in 1978.
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