Travel services firm Thomas Cook (India) group (TCIL) Wednesday said that its standalone entity will become debt free by the end of this month.
The company will pre-pay Rs 67 crore non-convertible debentures by September 30, ahead of schedule, a release said.
This, combined with the offer for sale (OFS) proceeds used to settle short-term debts, will result in a contribution of Rs 36 crore annually to TCIL's bottom line, it added.
Debasis Nandy, president and group chief financial officer, Thomas Cook (India), said the company's organic growth and focus on working capital management has enabled it to generate strong and steady cash flows.
"This has been used to deleverage the balance sheet and create a strong platform for acquisitions, as and when the opportunity should arise," he added.
In addition to the above pre-payment, the company is targeting further reduction of its group debt over the next three financial years, the release said.
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