Thomas Cook India Group announces successful closure of acquisition of Kuoni Travel (India) Private Limited
Author(s): City Air NewsMr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd. Chandigarh, December 17, 2015: Thomas Cook (India) Ltd, India’s leading integrated travel and travel related financial Services Company, along with...
cityairnews
Dec 17, 2015 12:30
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Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd.
Chandigarh, December 17, 2015: Thomas Cook (India) Ltd, India’s leading integrated travel and travel related financial Services Company, along with Travel Corporation (India) Limited, its wholly owned subsidiary, formally completed the process of acquisition of 100% shareholding of Kuoni Travel (India) Private Limited from the Kuoni Group, on December 16, 2015.
With this, Thomas Cook India completes the acquisition process of Kuoni Group’s Travel businesses across both India and Hong Kong. In addition to the current brands of Thomas Cook and Travel Corporation (India) Ltd (TCI), the acquisition will allow Thomas Cook India Group the usage of the SOTC brand (including SITA) in perpetuity, the Kuoni brand in India for 12 months and in Hong Kong for 5 years.
Commenting on the acquisition, Mr. Madhavan Menon, Managing Director of Thomas Cook (India) Ltd, said, "We have successfully completed the closure process for the acquisition of Kuoni Travel across India and Hong Kong; this gives us significant synergies across the entire spectrum of travel services, including, Inbound, MICE, Outbound and Domestic, as also Corporate Travel. As part of our strategic intent of a larger Asia play, we had taken the first step with our acquisition of Luxe Asia in Sri Lanka, and Kuoni Hong Kong is now a reiteration of our intent.
Mr. Menon added, “The acquisition of Kuoni India – ably led by the Management Team under Rajeev Wagle and Dipak Deva- represents strong businesses and brands that we plan to leverage for customers of both Kuoni and Thomas Cook India, and we welcome aboard all our colleagues at Kuoni India."
Date:
Thursday, December 17, 2015
