Financial turmoil at Thomas Cook PLC not to impact Thomas Cook India

Travel and leisure firm Thomas Cook India on Saturday said it is not related with UK-based Thomas Cook PLC which is struggling to stave off a financial collapse.

The company stressed that Thomas Cook India is a completely different entity owned by Canada-based Fairfax Financial Holdings and it will have not impact of the financial collapse of the iconic British firm Thomas Cook PLC.

Thomas Cook UK had ceased to be the promoter of Thomas Cook (India) after it transferred its entire stake in 2012 to Fairfax, a Canada based firm which has varied interests across the globe.

“With the recent developments relating to the iconic British travel company, Thomas Cook PLC, being reported in the media, it is imperative to highlight that Thomas Cook India Group is a completely different entity since August 2012 when it was acquired by Fairfax Financial Holdings (Fairfax),” the company said in a statement.

It further said: “Post transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Ltd.”

Fairfax Financial Holdings had acquired a 77 per cent stake in Thomas Cook India Ltd. (TCIL) in 2012.

Thomas Cook (India) offers services like foreign exchange, corporate travel, MICE, leisure travel, insurance, visa and passport services and e-business.

Thomas Cook UK said on Friday it has a shortfall of 200 million pounds to avoid a collapse and had approached the British government for a bail out.

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