Thomas Cook (India) Ltd acquires Kuoni’s travel business in India and Hong Kong
Thomas Cook (India) Ltd has acquired Zurich based Kuoni Group’s travel businesses in India and Hong Kong for 535 crore rupees.
Kuoni entered India in 1996 by acquiring travel brand SOTC and destination management brand SITA. The acquisition includes these two units of Kuoni.
The deal does not include Kuoni’s outsourcing and technology services subsidiary VFS Global which provides technology services to governments and diplomatic missions.
Over 1,800 employees of Kuoni’s business unit in India and Hong Kong tour operations will now work for Thomas Cook. After this deal Kuoni will operate its business activities as an independent entity.
Recent acquisitions by Thomas Cook:
- Acquired Bengaluru-based HR and IT services company Quess Corp (formerly IKYA Human Capital Solutions) in 2013.
- Acquired leisure hospitality company Sterling Holiday Resorts (India) for 870 crore rupees in 2014.
- Its subsidiary in Sri Lanka bought Sri Lankan based destination management company Luxe Asia Pvt. Ltd on 31 July 2015.
Note: Thomas Cook has currently extended its footprint to over 232 locations and is operational in India, Sri Lanka and Mauritious.
Categories: Business & Economy Current Affairs 2017