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Thomas Cook India to acquire Tata Capital's forex, travel business

The acquisition creates opportunities resulting in stronger customer service and stakeholder value

Press Trust of India  |  New Delhi 

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Tata logo

India on Monday said it will acquire Tata Capital's wholly owned subsidiaries, and TC Travel and Services.

It did not share the value of the proposed transaction.

India said its board has approved the signing of an agreement with firm Tata Capital, to acquire its wholly owned subsidiaries, and TC Travel and Services.

"Our of Tata Capital's and travel serves to further strengthen the 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 Forex Ltd and TC Ltd - large corporate houses including flagship companies, as also a set of new retail customers", he added.

The 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.

First Published: Mon, September 25 2017. 14:57 IST
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