LKP Forex to merge with Thomas Cook India

Mumbai, June 30 (UNI) Thomas Cook (India) Ltd (TCIL), the country's leading travel solutions company with 125 year of impressive track record in India and the LKP Group have entered into a non-binding memorandum of undertanding.

The MOU has been reached with a view to explore the merger of LKP Forex Ltd, the foreign exchange arm of the LKP Group with TCIL through a scheme of amalgamation to be approved by the shareholders of both Companies and the Bombay High Court.

The amalgamation will be subject to the approval of regulatory authorities.

Both the companies will appoint N M Raiji&Company as valuers to recommend the share swap ratio.

The directors of both TCIL and LKP Forex met in Mumbai today and have given their in principle approval for the proposal to amalgamate the two companies In a statement here today, Mr Udayn Bose, Chairman,TCIL said,''It has been our endeavor to grow in the fields of our expertise.Foreign exchange is clearly an important part of our businessand the proposed merger is a part of our growth plans in India, with the aim to maximize shareholder value and strengthen our leadership position''.

Commenting on the proposed merger, Mr Madhavan Menon, MD TCIL said,''Thomas Cook is the leaderin the business and the proposed merger with the already proven and established network of LKP Forex would further enhance the efficiency of operations at TCIL.'' Mr Mahendra Doshi, Chairman, LKP Merchant Financing Ltd said,'' We believe it is a win-win situation for the shareholders of both the companies. The proposed merger of LKP Forex with Thomas Cook would enable the merged entity to further boost the business.'' UNI AR PM AG1754