Tata Capital to divest forex, travel services to Thomas Cook
Financial services provider Tata Capital on Monday announced that it has signed a definitive agreement to divest its foreign exchange and travel services to Thomas Cook (India).
 
The company said it signed the agreement to divest 100 per cent of its shareholding in its wholly owned subsidiaries -- Tata Capital Forex (foreign exchange) and TC Travel and Services (travel services) -- to Thomas Cook (India).
 
"These companies will continue to run under the Tata Capital management, in consultation with Thomas Cook on specific matters, till the closing date when the share sale will be consummated," the company said in a statement here.
 
The network of the two acquired companies currently spans 26 locations and approximately 300 employees, the statement added.
 
"Travel and forex services are growing sectors in the Indian economy. We are confident that Thomas Cook, with its large scale and network, will build these businesses further and help them reach their potential," said Praveen Kadle, Managing Director and Chief Executive Officer, Tata Capital.
 
Thomas Cook (India) is an integrated travel and travel related financial services company.
 
"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," said Madhavan Menon, Chairman and Managing Director, Thomas Cook (India).
 
"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," Menon added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

The Fraud At Ricoh. Exclusive: PwC Forensic Report
Multinational companies, especially those selling consumer products, have turned out to be stock market darlings: Great products, processes and almost no debt, have allowed them to generate massive returns on capital employed and create tremendous wealth for their shareholders. Hence, when Ricoh India, which makes copiers and sells managed document services, printer-as-a-service,...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital Access

Subscribe

Moneylife Magazine Subscriber or MAS member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Tata Sons gets shareholders' nod to make company private
Tata Sons on Thursday got the shareholders approval to convert it into a private company from a public limited holding that will help it become more swift in decision making.
 
"All resolutions placed before the AGM (annual general meeting) were passed with requisite majority," a Tata Sons source said.
 
As much as 66 per cent of Tata Sons is owned by Tata Trusts. Two Shapoorji Pallonji family firms, Cyrus Investments and Sterling Investment, own 18.4 per cent. 
 
The remaining shares are with the Tata family, a few group companies and individuals.
 
Earlier Tata Sons' move to become a private company was opposed by its former Chairman Cyrus Mistry's family terming it as an act of oppression of minority shareholders.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)