Skip to content
Search AI Powered
Human content, AI powered search.

Latest Stories

Thomas Cook UK has no stake in Indian namesake

Easterneye.Biz Staff
By Easterneye.Biz StaffSep 23, 2019
Easterneye.Biz Staff
See Full Bio

A TOUR operator in India has been temporarily hit by the collapse of Thomas Cook UK.

The Indian namesake company, Thomas Cook (India), has clarified that the two businesses are not related.

Thomas Cook (India) said in statement : “With the recent developments relating to the iconic British Travel Company, Thomas Cook PLC, being reported in the media, it is imperative to highlight that Thomas Cook India Group is a completely different entity since August 2012 when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada-based multinational.”

Following the transfer of its entire stake in Thomas Cook (India) to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India).

“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,” the company added.

Thomas Cook (India) is financially strong, profitable, and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth.

The Thomas Cook (India) Group’s cash and bank deposits balances stand at £157.46m, as of June 30, 2019.

This has been made possible by using stable and strong cash flows that the Thomas Cook India Group is generating year over year.

Thomas Cook (India) witnessed a 21 per cent growth in demand for the Durga Puja festive season, from travellers in West Bengal and surrounding source markets.

Meanwhile, the British travel firm Thomas Cook on Monday (23) declared bankruptcy after failing to reach a last-ditch rescue agreement.

The 178-year-old tour operator was desperately seeking £200 million from private investors to prevent the collapse of the business.

The business had witnesses furious online competition for some time amid Brexit uncertainty and a recent drop in bookings.

The news leaves some 600,000 tourists stranded worldwide according to Thomas Cook.

thomas cook (india)thomas cook uktravel

Related News

Leicester University and Apollo

Leicester University and Apollo launch digital health research centre

EasternEye 2025.01.24
Editorial

EasternEye 2025.01.24

More For You

Rachel Reeves

Reeves also gave her clearest signal yet of support for expanding London’s Heathrow airport. (Photo: Getty Images)

Reeves signals focus on lower taxes, less regulation

CHANCELLOR Rachel Reeves stated that the country’s finances were now stable following her October budget, adding that her future focus would be on reducing taxes and cutting regulation.

“Now we have wiped the slate clean,” Reeves said, referring to the October budget.

Keep ReadingShow less
Rachel Reeves

Chancellor Rachel Reeves, who has pledged fiscal discipline, faces increasing pressure to address the growing deficit. (Photo: Getty Images)

Government borrowing in December hits four-year high

Government borrowing in December 2024 reached £17.8 billion, the highest level for the month in four years, according to the Office for National Statistics (ONS).

This figure is £10.1bn more than in December 2023 and significantly exceeds the £14.6bn forecast by the Office for Budget Responsibility (OBR).

Keep ReadingShow less
UK to lead European growth in 2025, predicts IMF

FILE PHOTO: A view of the Bank of England and the financial district, in London, Britain. REUTERS/Mina Kim.

UK to lead European growth in 2025, predicts IMF

BRITAIN is set to have the fastest growth among major European economies this year, according to the International Monetary Fund, a boost to finance minister Rachel Reeves who is under pressure over a slowdown since her party came to power in July.

The IMF has raised its forecast for British growth for 2025 by 0.1 percentage points to 1.6 per cent, making it the third-strongest among the Group of Seven advanced economies after the US and Canada.

Keep ReadingShow less
Reliance Industries

Revenue from operations rose 6.97 per cent year-on-year to £22.99 bn, with growth seen across all divisions. (Photo: Reuters)

REUTERS

Reliance Industries reports 7.38 per cent rise in quarterly profit

RELIANCE INDUSTRIES reported a 7.38 per cent year-on-year increase in profit for the December quarter on Thursday, driven by growth in its consumer-focused divisions.

The company, led by Mukesh Ambani, remains India’s most valuable by market capitalisation.

Keep ReadingShow less
India faces growth challenge as global uncertainty mounts

Narendra Modi (left) and Nirmala Sitaraman

India faces growth challenge as global uncertainty mounts

AFTER world-beating economic growth last year, India’s policymakers are scrambling to prevent a sharp slowdown as worsening global conditions and declining domestic confidence undo a recent stock market rally.

Last Tuesday (7), Asia’s third-largest economy forecast 6.4 per cent annual growth for the fiscal year ending in March, the slowest in four years and below initial projections, weighed down by weaker investment and manufacturing.

Keep ReadingShow less
© Copyright 2025 Garavi Gujarat Publications Ltd & Garavi Gujarat Publications