Thomas Cook to buy back Indian arm
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Two years after it sold its Indian unit, Thomas Cook Group Plc, Europe’s second-biggest travel company, is now buying it back from Dubai Financial. Business Standard reported that Thomas Cook Plc will buy a 54.90% stake in Thomas Cook India Ltd (TCIL) from Dubai Financial for around Rs 950 crore (US$234 million), and a further holding of as much as 20% in an open offer. With this, Thomas Cook will acquire between 61.8% and 74.9% of TCIL’s share capital.
Chief Executive Officer Manny Fontenla-Novoa was quoted saying that Thomas Cook could boost the Indian division’s sales quicker than Dubai Financial because it could offer local travellers a wider variety of European destinations
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