Thomas Cook India Refutes Rumours Of Sellout

Bhisham Mansukhani - Mumbai

Ashwini Kakkar

In spite of gathering industry speculation about a divestment by its Germany based parent company and reportedly keen interest for purchase of the holding by Kuoni, Thomas Cook India Limited (TCIL) is instead looking forward to its final quarter board meeting which will initiate the preparation of year end financial results ahead of the AGM in February. Market analysts, in fact are bullish on the stock ahead of the AGM.

Sweeping aside collective apprehensions on the issue, TCIL CEO and MD, Ashwini Kakkar says, “Everything is intact. These are all rumours. There is no chance of any of this happening. I am regularly talking to the parent company and they have said nothing to this effect to me. I am in fact concentrating on the upcoming board of directors meet and the subsequent AGM in February.”

Some observers put the source of the speculation to the fact that the parent company feels the Asia is too far flung a market while Kuoni is revving up for another round of acquisition — more than a mere coincidence. Other apprehensions included changes in ownership and cost cutting concerns.

Thomas Cook owns 60 per cent of TCIL through its wholly-owned subsidiary Thomas Cook Overseas which is based in Britain. The company only recently added insurance to its bouquet of services, thereby capturing the entire array of niches in the travel trade that also includes forex, corporate and vacation traffic in addition to ticketing. With considerable growth in its inbound and outbound business in the present fiscal, the company is looking to augment its revenue base with a thrust on charters both ways.