Tour operator Thomas Cook (India) Ltd has signed an agreement with KuoniGroup to acquire its entire travel businesses in India and Hong Kong forRs.535 crore, according to a filing with the BSE.
The Kuoni brand is licensed to Thomas Cook for one year in India and for five years in Hong Kong. All other brands of Kuoni such as SOTC, SITA and Distant Frontiers are transferred with the business.
The acquisition is expected to help Thomas Cook to enhance its offerings on inbound (bring foreign tourists into India), outbound (taking Indian tourists abroad) and corporate travel (facilitating travel for company executives). Brands of Kuoni, especially SITA, is strong in inbound offerings.
To read more, click here.