Thomas Cook announced to sell Indian subsidiary Thomas Cook India Limited

Thomas cook, the travel company in its announcement made on 8 February 2012 said it will sell its stake in its Indian subsidiary Thomas Cook (India) Ltd (TCIL). Thomas Cook holds 77.1% stake in its Indian subsidiary. The gross monetary value of 77% stake that the Thomas Cook holds in its Indian arm is Rs.879 cr.

Names of Cox and Kings Ltd and private equity firms such as KKR India Advisors Pvt. Ltd, Actis Advisors Pvt. Ltd, Bain Capital and Carlyle Group are doing the rounds for the bidding, which is expected to take place by the end of May 2012.

Thomas Cook (India), which came into existence in 1881, is the largest travel firm in the country, with major market positions in foreign exchange and travel. It has its operation scattered across 70 Indian cities. Its forex business contributes 60% of its entire revenue.