Thomas Cook India Group (TCIL) is in a state of panic since this company is independent of Thomas Cook UK and backed by Fairfax Financial Holdings (Fairfax), a Canada based multinational. It makes the Indian company a completely different entity since August 2012, The only common element is the usage of the brand name for which TCIL holds an exclusive brand license covering the regions of India, Sri Lanka, and Mauritius until the end of 2024.
Post transfer of its entire stake in TCIL to Fairfax, Thomas Cook PLC in the UK ceased to be the promoter of Thomas Cook India from August 2012 and since then, Thomas Cook UK has had no financial or business stake in Thomas Cook India.
The last seven years have been fruitful for Thomas Cook India, as it continues to grow and build a legacy as an independent entity with presence across 29 countries across 5 continents, making it one of the largest travel companies in the Asia Pacific region.
India’s S&P Company – CRISIL’s credit bulletin reflects that the ratings of Thomas Cook India remain unaffected from the bankruptcy of Thomas Cook PLC in the UK and Europe; Thomas Cook India’s dominant position in the foreign exchange business and strong brand equity in travel-related services, a comfortable capital structure, and adequate liquidity.
Mr. Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd. (TCIL), reiterated, “In light of media reports regarding the collapse of Thomas Cook PLC in the UK and Europe, it is important to reiterate that it is business as usual for Thomas Cook India which is a completely independent entity, acquired by Canada based Fairfax Financial Holdings in August 2012 from Thomas Cook PLC in the UK. The collapse of the Thomas Cook Group in the UK and Europe has no impact whatsoever in terms of ownership, business, people, technology or processes to Thomas Cook India.”
