Thomas Cook (India) is not affected by Thomas Cook (UK)’s collapse
Nagpur: Tension prevailed thousands of miles away in India as the London-based Thomas Cook Group collapsed under a pile of debt on Monday. Owing to same, investors beat down the shares of an unrelated company in the country, ignoring multiple clarifications that it isn’t any way related to the U.K. firm.
As the sense of confusion stretched, the gullible investors pulled out their stocks from Thomas Cook (India), the company released an official statement quoting, “The last seven years have been fruitful as we continue to grow and build our legacy as an independent entity after Fairfax Financial Holdings acquired a 77 per cent stake in Thomas Cook India Ltd. (TCIL) in 2012.”
Speaking to Nagpur Today, the Dharampeth-based Thomas Cook officials clarified that, “Thomas Cook (India) Group is an entirely different entity since August 2012 when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada based multinational investment company. Post the transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited.”
British travel group Thomas Cook declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers.