Thomas Cook India: No impact from Thomas Cook UK collapse
The collapse of Thomas Cook has resulted in confusion and uncertainty in India however the company has managed to get clear that the Indian entity is very independent and contains had no impact as a result of UK development.
In light of media reports on Thomas Cook PLC, the Thomas Cook India Group today reiterated that the India Group is a very different entity since August 2012, when it had been acquired by Fairfax Financial Holdings (Fairfax), a Canada-based multinational with varied interests around the world in addition to in India.
Post transfer of its entire stake in Thomas Cook (India) Limited by Fairfax, Thomas Cook UK ceased to function as promoter of Thomas Cook (India) Limited from August 2012 and since that time, Thomas Cook UK has already established no financial or business stake in Thomas Cook (India) Limited.
Mr. Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd. (TCIL), said: “In light of today’s media reports concerning the collapse of Thomas Cook PLC in the united kingdom, it’s important that I categorically reiterate that it’s business as usual for Thomas Cook India that is a completely independent entity, in August 2012 from Thomas Cook in the united kingdom acquired by Canada based Fairfax Financial Holdings.
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“Given there is absolutely no connection between Thomas Cook in the united kingdom and Thomas Cook India whatsoever, the collapse of Thomas Cook in no impact is had by the united kingdom whatsoever with regards to ownership, business, people, processes or technology to us at Thomas Cook India.
“The Thomas Cook India Group’s bank and cash deposits balances stand at Rs. 13,890 Mn. of June 30 as, 2019. Thomas Cook India is debt free upon pre-payment of Rs. 670 Mn debenture obligations of schedule ahead. It has been permitted using growing and sustainable cash flows that the Thomas Cook India Group generates year over year. The combined group generates the average annual free cashflow of around Rs. 2500 Mn.”