Corporate Aug 14, 2012
UK-based travel major Thomas Cook Group PLC (TCG) has concluded the sale of 76.69 percent stake in its India operations to investment firm Fairbridge Capital (Mauritius).
The sale was approved with 99.99 percent votes by shareholders of Thomas Cook Group, Thomas Cook India Ltd (TCIL) said in a filing to BSE. TCIL Manging Director Madhavan Menon said: "Thomas Cook India and Fairbridge Capital share similar values and beliefs and we are confident that the new ownership will build on the powerful growth momentum we have exhibited for years."
The company's focus will be to continually develop its core businesses and add further breadth and depth to the product portfolio, he added. Thomas Cook announced on May 21 that it had agreed to sell 77 percent interest in TCIL to Fairbridge Capital (Mauritius) Ltd, a subsidiary of Fairfax Financial Holdings Ltd.
The deal would fetch the UK firm 86.6 million pounds (about Rs 800 crore), which would be used to reduce its net debt.
Fairbridge is an investment company engaged in long term investments and acquisitions in Indian region, TCIL said. TCIL scrip was trading at Rs 60.65 in the afternoon on the BSE, down 0.25 percent from its previous close.