Thomas Cook set to buy Kuoni’s India, HK biz for Rs 535 cr
8 Aug 2015 6:44 AM IST
Travel services provider Thomas Cook India on Friday said it will acquire rival Kuoni group's business in India and Hong Kong for Rs 535 crore. The company has entered into an agreement with Kuoni group to buy 100 per cent stake in Kuoni Travel (India) Pvt Ltd, Thomas Cook India said in a statement.
It will take all 1,800 <g data-gr-id="13">employee</g> of Kuoni's Travel business unit and will continue to run the business activities as an "independent entity", it added. The board of the company in a meeting held today approved buying of Kuoni's Travel business in "one or more tranches, financing the deal through a mix of funds from earlier equity infusion, internal accruals, debt funds (for Hong Kong) and or other permissible modes". Chairman and CEO of Fairfax Holdings Prem Watsa said: "Acquisition of Kuoni's tour operating and retailing businesses in India & Hong Kong as well as the Indian Inbound business reaffirms our belief in the India market potential, as also our strategic intent to explore viable geographies, including the larger Asia opportunity."
Cox & Kings’ Q1 profit up 5% to Rs135 crore
Tours and travel firm Cox & Kings on Friday reported a 5 per cent rise in its June quarter consolidated net profit at Rs 135 crore. The company had posted Rs 128 crore net profit in the corresponding period last year, it said in a release issued here.
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