Thomas Cook Owns Destination Management biz of Kuoni

Tour and holiday planner Thomas Cook (India) announced that it has taken over Kuoni Group’s destination management business to expand it’s reach globally. Well the financial details are yet to be disclosed.

Company said during disclosure of stocks market, “The Company, through its wholly owned subsidiary Thomas Cook India Group, has acquired Kuoni’s global network of destination management specialists”.

Company hopes to extend its presence through deal

This agreement is based on the fact that it will support Thomas Cook, which is controlled by Fairfax Holdings, to increase its presence across the world through the brands of Kuoni including Desert Adventures, Asian Trails, Australian tours management, Allied TPro, Private Safaris, and Gulf Dunes.

The division which consisted of six units of business is expanded to 17 countries in the Middle East, US, Africa, Australia, and Asia.

This deal indicates that company continues to invest

As per managing director of Thomas Cook India Group, Madhavan Menon, “This acquisition is a strong reiteration that the Thomas Cook India Group continues to invest and grow its travel businesses globally with a view to creating strong value for its customers”.

Previously, the company had already brought the travel and tour business of Kuoni in India along with Hongkong at Rs 535 crore ($84 million).

About Thomas Cook

Thomas cook established its fist office in 1881 in India and now it has covered a wide range of services like leisure travel; e-business; visa and passport services; insurance; foreign exchange, MICE (meetings, incentives, conferences & events).

Thomas Cook’s is currently active in 261 locations including 21 airport counters in 102 cities in India, Sri Lanka and Mauritius.

Profit and sales of Thomas Cook

However, its total sales got down by Rs 392 crore in fiscal year of 2015-16 from Rs 500 crore from the previous year. Net profit also got down by Rs 8 crore from Rs 33 crore of previous year.

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  • The company, through its wholly owned subsidiary Thomas Cook India Group, has acquired Kuoni s global network of destination management specialists,” it said in a stock market disclosure.

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