Thomas Cook India to acquire Travel Corporation for Rs 182 crore

New Delhi, Dec 1 (UNI) Thomas Cook India Ltd (TCIL) today announced it will acquire the entire shareholding of Travel Corporation (India) Pvt Ltd (TCI), which post acquisition will be a wholly-owned subsidiary of the company, with an all cash deal worth Rs 182.45 crore.

The acquisition is subject to the approval of the shareholders of the company.

''The TCI acquisition will consolidate our position in the inbound travel segment, which is in line with our objective to establish Thomas Cook India as among the largest players in India.

In view of the increase in inbound tourism that the country is witnessing, for us to be able to offer two platforms for inbound traffic will be a big advantage in the market,'' said TCIL Chairman Udayan Bose.

The combined businesses of the Thomas Cook group, which includes LKP Forex, a 100-per cent subsidiary of the BSE-listed LKP Merchant Financing and TCI will make it one of the largest travel and tour operators in India apart from being the largest in Forex.

TCI has 27 branches in the country. After the acquisition Thomas Cook Group will have 200 branches and outlets which will include the branches of LKP Forex, whose acquisition is pending in the Bombay High Court.

HSBC were the advisor to the company and TCI was advised by Citigroup.

During the day, TCIL also announced that it, would also acquire 76 percent in TT Enterprises Ltd for Rs 16.91 crore.

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