New Delhi, September 23: The United Kingdom-based tour operator Thomas Cook collapsed on Sunday night making travel industry worried even in Asia. Thomas Cook India Limited (TCIL), however, stated that it is a different entity and developments concerning British tour operator have not impacted it. The TCIL was acquired by Fairfax Financial Holdings, a Canada-based multinational, via a 77 percent stake in 2012. Since then, Thomas Cook UK has no stake in TCIL.
"There are two companies, the UK based Thomas Cook Plc and Thomas Cook India. Former stopped owning shares in Thomas Cook India in 2012. We've no relation, our balance sheet is independent and sound. What has happened in the UK is localized to the UK," said Madhavan Menon, Chairman and Managing Director of Thomas Cook (India) Ltd. Thomas Cook, 178-Year-Old Travel Company Collapses as Last-Ditch Rescue Talks Fail; Over 600,000 Bookings Cancelled, 1.5 Million British Tourists Stranded.
Tweet by ANI:
Madhvan Menon, Chairman&MD Thomas Cook India Ltd: There are 2 companies, UK based Thomas Cook Plc & Thomas Cook India. Former stopped owning shares in Thomas Cook India in 2012. We've no relation, our balance sheet is independent&sound. What has happened in UK is localized to UK. pic.twitter.com/4DdWkFwfgZ
— ANI (@ANI) September 23, 2019
"Post transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited. The media updates on Thomas Cook UK have no correlation. This is why there is no impact on Thomas Cook India,” the statement by Thomas Cook India said.
Thomas Cook (India) offers services ranging from leisure travel, corporate travel, foreign exchange, insurance, passport and visa services. It operates B2C (business-to-consumer) and B2B (business-to-business) brands including Thomas Cook, Sterling Holidays, SOTC, TCI, SITA, Allied T Pro, Asian Trails, Australian Tours Management, Travel Circle International Limited, Desert Adventures, Travel Junkie (Ithaka) among others - across 29 countries.
On Sunday night, the 178-year-old British travel giant Thomas Cook collapsed after last-minute negotiations with creditors failed. The world's oldest travel firm's failure puts 22,000 jobs at risk, including nearly 9,000 in the UK. The holiday brand was founded in 1841 in Leicestershire by businessman Thomas Cook.