Thomas Cook to take over 2 subsidiaries of Tata Capital

Travel services firm Thomas Cook (India) Ltd on Monday said its board has agreed to acquire two units of Tata Capital Financial Services Ltd. The two subsidiaries are Tata Capital Forex Ltd, which provides services related to foreign exchange, and TC Travel and Services Ltd, which provides travel services.

Established in 2007, Tata Capital is a unit of Tata Sons Ltd. Its offers consumer finance, advisory services, commercial finance, infra finance, investment banking, private equity advisory and credit card distribution. The two firms together operate in 24 locations across India.

“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 and foreign exchange sector in the country. This also gives us the opportunity to continue to serve the strong corporate portfolio of both Tata Capital Forex Ltd and TC Travel Services Ltd, which include large corporate houses as well as set of new retail customers. The acquisition creates clear opportunities, including a significant increase in scale and network reach, volume/buying advantages as well as technology gains, all resulting in stronger customer service and stakeholder value,” said Madhavan Menon, chairman and MD of Thomas Cook (India) Ltd.

Thomas Cook is an integrated travel and travel-related financial services company and offers services on foreign exchange, corporate travel, leisure travel, insurance, visa and passport services and e-business. The firm set up its first office in India in 1881.

Tata Capital’s range of offerings includes consumer finance, advisory services, commercial finance, infrastructure finance, investment banking, private equity advisory and credit card distribution.

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