Thomas Cook, the travel services company, said it had purchased the forex business of Tata Capital, Tata Capital Forex, in its entirety.
“We would like to inform you that the Board of Directors of the Company at their Meeting held on 25th September, 2017, approved the acquisition and signing of a definitive agreement with TATA Capital Limited to acquire 100% stake in TATA Capital Forex Limited,” it said.
It did not specify the consideration paid for the same.
Tata Capital is main financial services company of the Tata group and a subsidiary of Tata Sons.
The acquisition will be through the purchase of Tata Capital Forex Limited and TC Travel and Services Limited.
“The network of the two acquired entities includes 24 locations pan India,” Thomas Cook said.
“Our acquisition of Tata Capital’s Forex and travel companies serves to further strengthen the Thomas Cook India Group’s leadership position in the Travel & Foreign Exchange sector in the country,” said Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Limited.
“This also gives us the opportunity to continue to serve the strong corporate portfolio of both Tata Capital Forex Limited and TC Travel Services Limited- large corporate houses including flagship Tata Group companies; as also a set of new retail customers.”
He also said that the deal will significantly increase the company’s scale and network reach, volume and buying advantages as well as technology gains.
Thomas Cook (India) Ltd offers travel services including Foreign Exchange, International and Domestic Holidays, Visa, Passport and Travel Insurance.
It is present in 233 locations (including 23 airport counters) in 94 cities across India, Sri Lanka and Mauritius.
Thomas Cook operates brands such as SOTC, TCI, Sita, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Limited, Private Safaris East & South Africa.
Tata Capital is considered a Core Investment Company (CIC) by the RBI.
As a CIC, Tata Capital is primarily a holding company, holding investments in its subsidiaries and other group companies employing over 1000-2500 employees and has over 1,000 customer touch-points.
Tata Capital and its subsidiaries are engaged services such as broking, investment banking services, depository participant services, consumer and commercial finance, private equity, wealth products distribution and travel services.