TravTalk India Online Magazine
Thomas Cook India has reiterated that there is no impact due to Thomas Cook PLC collapse in the UK. Thomas Cook India has issued a clarification saying, Thomas Cook UK has had no stake in Thomas Cook (India) Limited since its acquisition of a 77% stake in 2012 by Canada based Fairfax Financial Holdings. 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 August 2012 and since then, Thomas Cook UK has had no financial or business stake in Thomas Cook (India) Limited.
Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) (TCIL), reiterated, “In light of today’s media reports regarding the collapse of Thomas Cook PLC in the UK, it is important that I categorically reiterate that it is business as usual for Thomas Cook India which is a completely independent entity, acquired by Canada based Fairfax Financial Holdings in August 2012 from Thomas Cook in the UK. Given there is no connection whatsoever between Thomas Cook in the UK and Thomas Cook India, the collapse of Thomas Cook in the UK has no impact whatsoever in terms of ownership, business, people, technology or processes to us at Thomas Cook India.”
He added, “The Thomas Cook India Group’s cash and bank deposits balances stand at Rs. 13,890 Mn. as of June 30, 2019. Thomas Cook India is debt free upon pre-payment of Rs. 670 Mn debenture obligations ahead of schedule. This has been made possible using growing and sustainable cash flows that the Thomas Cook India Group generates year over year. The Group generates an average annual free cash flow of around Rs. 2500 Mn.”
