Travel and financial services firm Thomas Cook India Ltd (TCIL) said on Tuesday it has signed an agreement with AlixPartners, Thomas Cook UK's appointed special managers, to acquire the rights to the Thomas Cook brand in India, Sri Lanka and Mauritius for a one-time payment of 1.5 million pounds (about Rs 13.9 crore).
TCIL was previously contracted to pay an annual brand licence fee of Rs two crore to TCUK until 2024 for the usage of the brand. TCIL has operated the Thomas Cook brand name uninterrupted in India since 1881.
In 2012 when TCIL was acquired by Fairfax Financial Holdings of Canada, TCIL had entered into a brand licence agreement with Thomas Cook Group UK for the exclusive use of the brand name until 2024 across India, Sri Lanka and Mauritius.
The brand license agreement also gave TCIL the right of first refusal to acquire the brand in the event of the Thomas Cook UK Group going into liquidation before 2024.
Thomas Cook India Group is one of the largest travel service provider networks headquartered in the Asia Pacific region, spanning 29 countries and five continents, a team of over 9,700 and a combined revenue in excess of Rs 6,719 crore for the financial year ended March 31.
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