INDIA - Thomas Cook stirs merger fever

TTGasia, Dec 15 - 21, 2006 / No.1504

MUMBAI – Last week’s buyout of Travel Corporation (India), or TCI, by Thomas Cook (India) at US$40.83 million, is a trend observers say will not abate as major players clamour to get a bigger slice of the growing India travel pie.TCI, a leading inbound tour operator in India, will be a wholly owned subsidiary of Thomas Cook after the completion of formalities. TCI director, Mr Jehangir Katgara, said: “Mergers and acquisitions (M&A) are strengthening organisations all over the world and India is no exception…the complementary strengths of both companies will leave the group well placed to meet any challenges.” He will continue on the board of TCI to help in the merger. Thomas Cook (India) chairman, Mr Udayan Bose, said: “The TCI acquisition will consolidate our position in the inbound travel segment and help our objective to establish Thomas Cook (India) among the largest players in the country. We will have the advantage of offering two platforms for the increasing inbound tourism the country is witnessing”.

>>Full article