Thomas Cook India gets green light for Sterling merger
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Thomas Cook India has been given the green light to proceed with its merger with Sterling Holiday Resorts.
The High Court of Bombay has now approved has plan, marking the final hurdle in the merger process. The shareholders of both companies have already approved the merger.
Thomas Cook India said it will now initiate the process of issuing shares to Sterling Holiday Resorts’ shareholders.
“The company’s strategic investment in Sterling Holiday Resorts is delivering well for us,” said Madhavan Menon, managing director of Thomas Cook India. “Sterling Resorts [has] turned profitable, declaring its first profit in 18 years… for the FY ended March 31, 2015.
“As the now diversified Thomas Cook India Group, we are confident of robust performances that broaden our business services platform to increase shareholder value,” he added.
Sterling has opened four new resorts this year, in Corbett, Daman, Shirdi and Dindito, to bring its network to a total of 24 resorts across India. It has also upgraded six of its existing resorts.
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