- In March 2021, FCML injected capital of USD 60 Mn. to assist TCIL with the disruption to its business that resulted from the global pandemic
- Now that TCIL’s business has fully recovered, as is reflected in its financial performance, the Offer for Sale has resulted in the return of USD 67.2 Mn.* to FCML
- FCML continues to be the majority shareholder and promoter of the TCIL Group and holds 300.3 Mn. shares – which is higher than the number of shares it held prior to the funds injected in March 2021 (248.2 Mn. shares), while increasing the floating stock available to minority shareholders
TTT NEWS NETWORK
NEW DELHI, 4 DECEMBER 2023:
Commenting on the completion of the Offer for Sale, Mr. Prem Watsa – Chairman & CEO of Fairfax Financial Holdings Limited said:
“Thomas Cook India has been an important member of the Fairfax family since 2012 and we remain committed to maintaining our position as the majority shareholder and promoter of the company. The recovery of the business post the global pandemic is in line with the Tourism & Hospitality industry globally. I am confident that the company will continue to benefit from the India growth story and the rebound of the Tourism & Hospitality industry worldwide.”
(*Based on the exchange rate of Rs 83 to USD 1)
About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Limited (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services and Visa Services. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied TPro, Australian Tours Management, Desert Adventures, Travel Circle International Limited (TCI 勝景), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go Vacation, Private Safaris East & South Africa.
As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 28 countries across 5 continents.
TCIL has been felicitated with The Best Tour Operator at India Travel Awards North 2023, MICE Travel Operator of the Year at the Economic Times Travel & Tourism Awards 2023, winner of the Corporate Citizen Award (Travel Tourism & Hospitality) at the Corporate Citizen Conclave & Award 2023, The Outbound Tour Operator of the Year 2022 & 2019 at the SATTE Awards, IAMAI India Digital Awards 2022, CNBC-TV18 & ICICI Lombard India Risk Management Award – Travel & Leisure Category 2022 & 2021, CIO100 Award for digital innovation 2022, ‘Innovation in Omni-experience’ Award at International Data Corporation’s (IDC) Industry Innovation Awards 2021, The Best Travel Agency – India at TTG Travel Awards 2019, The Best Outbound Tour Operator at the Times Travel Awards 2019 & 2018, Silver award for Asia’s Best Integrated Report (First Time) category at the Asia Sustainability Reporting Awards 2019-2021, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; The French Ambassador’s Award for Exemplary Achievements in Visa Issuance 5 years in a row and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2019.
CRISIL has reaffirmed the rating on debt programs and bank facilities of TCIL – ‘CRISIL AA- / Stable’ on the long-term bank facilities of TCIL and ‘CRISIL A1+’ rating on the short-term bank facilities and short- term debt of the company.
Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited, is the promoter of TCIL with a shareholding of 63.83% of its paid-up capital.
About Fairfax Financial Holdings Limited: Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. Founded in 1985 by the present Chairman and Chief Executive Officer, Mr. V. Prem Watsa, the company is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.
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