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Thomas Cook in talks with TCI

MUMBAI, JULY 13. Thomas Cook (India) Limited (TCIL), a leading financial and travel company, today said it was in talks with Travel Corporation (India) (TCI), a premier travel and tour organisation, for a possible tie-up or acquisition of the latter.

Through merger/acquisition of TCI, Thomas Cook was aiming to increase its foothold in all three segments of the travel business - outbound, inbound and corporate travel.

``Thomas Cook has an ambitious development agenda and we are looking at expanding our business through acquisitions and organic growth", Mr. Ashwini Kakkar, CEO and managing director of TCIL, said in a statement.

Through the tie-up/acquisition, which was subject to a due diligence process and regulatory approvals, TCIL would provide seamless services through its network around the country, he added.

Mr. Adi Katgara, TCI director, said the two companies had complementary strengths and its future expansion plans would include a foray into allied activities such as cruising and hotels.

The management of the travel and tourism operations would continue to be in the hands of the Katgara group, he said. Thomas cook, which currently has a network of 51 offices in 15 cities, would have a presence across 26 cities in the country through 78 offices once the merger/acquisition with TCI materialises.

- PTI

Our Corporate Desk adds:

Thomas Cook is 40 per cent owned by Thomas Cook Holdings and listed on the Mumbai Stock Exchange and National Stock Exchange. Its core business include leisure travel (holidays), corporate travel, foreign exchange and travellers cheques, global services and global credit card.

Travel Corporation offers national and international travel and tour services. It owns 27 offices at major tourist destinations and cities in India and employs 1,200 staff. It has 12 offices in the U.S. Canada and South America, Europe, the U.K., Korea, Japan and Australia.

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