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Thomas Cook India said its board has approved the signing of an agreement with Tata group firm Tata Capital, to acquire its wholly owned subsidiaries, Tata Capital Forex and TC Travel and Services.
"Our acquisition of Tata Capital's forex and travel companies serves to further strengthen the Thomas Cook India Group's leadership position in the travel and foreign exchange sector in the country," Thomas Cook (India) Chairman & MD Madhavan Menon said.
This also gives, "us the opportunity to continue to serve the strong corporate portfolio of both Tata Capital Forex Ltd and TC Travel Services Ltd - large corporate houses including flagship Tata Group companies, as also a set of new retail customers", he added.
The acquisition creates opportunities resulting in stronger customer service and stakeholder value, Menon said.
"Travel and forex services are perfectly poised for rapid and high growth. We are confident that Thomas Cook would take this business forward and help it reach its potential," Tata Capital MD and CEO Praveen Kadle said.
Thomas Cook India Ltd stock was trading at Rs 223.50, down 3.49 per cent, on BSE.