Not impacted by British firm's collapse, says Thomas Cook India
The British company went bust, putting plans of hundreds of thousands of travellers in jeopardy.
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) Limited from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited, the company said in a statement and added that it continues to grow and build its legacy as an independent entity after Fairfax Financial Holdings acquired it.
Cited as the world's oldest travel firm, the British company collapsed on Monday putting plans of hundreds of thousands of travellers in jeopardy.
Thomas Cook (India) offers services ranging from foreign exchange, corporate travel, MICE, leisure travel, insurance, visa and passport services and e-business. It operates B2C and B2B brands including Thomas Cook, SOTC, Sterling Holidays, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Limited, Travel Junkie (Ithaka), Digiphoto Entertainment Imaging (DEI), Private Safaris East & South Africa - across 29 countries.
"We believe that it is important that we clarify for the record that Thomas Cook (India) Limited is financially strong, profitable and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth," the company said in a statement.
The Thomas Cook India Group’s cash and bank deposits balances stand at Rs 13,890 million as of June 30, 2019.
On a standalone basis, Thomas Cook India is debt free upon pre-payment of Rs. 670 million debenture obligations ahead of schedule. This has been made possible using stable and strong cash flows that the Thomas Cook India Group is generating year over year.
The Group generates an average annual free cash flow of around Rs 2500 million, the company said.