THOMAS COOK (INDIA)

500413
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Thomas Cook India : inks agreement to take over the portfolio of dnata Travel India's Corporate Travel business (TMC)

07/20/2020 | 08:51am

Mumbai - Thomas Cook (India) Ltd., India's leading integrated travel services company, has announced that it has signed an agreement with dnata Travel, to operate as the Travel Management Company (TMC) to service dnata's customers as it closes its TMC operation in India.

The agreement was concluded after an extensive process of evaluation by dnata, aimed at ensuring the continuity of top quality service levels for its corporate clients in India who wish to transition to Thomas Cook. The transition is expected to be completed over the next few weeks.

Speaking on the occasion, Mahesh Iyer, Executive Director & CEO, Thomas Cook India said, 'We are delighted to announce today, that after an extensive evaluation exercise, dnata Travel India picked Thomas Cook India as their choice of partner to take over their Corporate Travel portfolio in India. We are grateful for the opportunity to serve dnata's corporate client portfolio and meet their evolving expectations with regard to business travel. Our first focus will be ensuring continuity of service needs and building on these strong client partnerships. This agreement helps reinforce the Thomas Cook India Group's continued leadership in the Corporate Travel space, adding both scale and value to our portfolio. We remain bullish on the business travel opportunity and remain focused on sustainable growth enabled by cutting edge service-leadership.'

Rashid Al Awadhi, Regional VP at dnata Travel quoted, 'Whilst we are disappointed to be exiting the corporate market in India, it has always been our intention to provide our valued customers with an alternative option. We are delighted that we can now offer customers the option of a seamless transition to Thomas Cook India.''

About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, Visa and Passport services and E-Business. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Luxe Asia, Kuoni Hong Kong, Sterling Holiday Resorts Limited, TC Forex, Distant Frontiers, TC Tours, TC Visa, Travel Circle International Limited, Ithaka, Digiphoto Entertainment Imaging (DEI), Private Safaris East & South Africa.

As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 25 countries across 5 continents, a team of over 8388 and a combined revenue in excess of Rs. 6948.3 Cr. (over $ 0.93 Bn.) for the financial year ended March 31, 2020.

TCIL has been felicitated with The Best Travel Agency - India at TTG Travel Awards 2019, The Best Outbound Tour Operator at the Times Travel Awards 2018 & 2019 and Leading Company with Cutting Edge Travel Innovation at the Times, Silver award for Asia's Best Integrated Report (First Time) category at the Asia Sustainability Reporting Awards, Travel Awards 2018, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; Best Cash Management Solution - India at the Asset Triple A Treasury, Trade, Supply Chain & Risk Management Awards 2018, Best Outbound Tour Operator at the SATTE awards 2019, Excellence in Domestic Tour Operations at the SATTE Awards 2018, The French Ambassador's Award for Exemplary Achievements in Visa Issuance - 2015 to 2019 and the Conde Nast Traveller - Readers' Travel Awards from 2011 to 2019.

CRISIL has reaffirmed the rating on debt programmes and bank facilities of Thomas Cook (India) Ltd at 'CRISIL AA-/Negative on the long-term bank facilities of TCIL and CRISIL A1+ rating on the short-term bank facilities and short- term debt of the Company.

For more information, please visit www.thomascook.in

Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited promotes TCIL by holding 65.60% of its paid-up capital and is responsible for the execution of acquisition and investment opportunities.

About Fairfax Financial Holdings Limited: Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Founded in 1985 by the present Chairman and Chief Executive Officer, Prem Watsa, the company is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.

About Subsidiaries of Thomas Cook (India) Ltd.: Sterling Holiday Resorts Limited, wholly owned subsidiary of TCIL is engaged in time share and resort business.

SOTC Travel Limited, wholly owned subsidiary of TCIL is a leading travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel.

Travel Corporation India (TCI), a brand owned by TCIL through its wholly owned subsidiary company, is the leading Destination Management Company in India that offers tailor-made travel and related services to India, Nepal, Bhutan and Sri Lanka.

Thomas Cook India Group holds a 51% stake in DEI Holdings Limited (DEI), one of the world's leading imaging solutions and services providers.

For more information, visit:

Sterling Holiday Resorts Limited: http://www.sterlingholidays.com

SOTC Travel Limited: http://www.sotc.in

Media Enquiries:

Thomas Cook (India) Limited: Suzanne Pereira | +91 98202 97665 | suzanne.pereira@thomascook.in

Joyce Fernandes | +91 98922 20141 | joyce.fernandes@thomascook.in

For Press Related queries and issues, please contact:

Ms. Suzanne Pereira

suzanne.pereira@thomascook.in

+91 22 42427380

+91 9820297665

Ms. Joyce Fernandes

joyce.fernandes@thomascook.in

+91 98922 20141

Thomas Cook (India) Ltd.

Marathon Futurex Building,

A Wing,11th Floor, N M Joshi Marg,

Lower Parel,

Mumbai 400 013.

(C) 2020 Electronic News Publishing, source ENP Newswire

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