Tour operator Thomas Cook (India) Ltd has acquired Sri Lanka-based Luxe Asia, a destination management firm, for an undisclosed amount, according to a stock market disclosure.
“Our acquisition of Luxe Asia reiterates delivery of our strategic intent of establishing a global destination management presence. Luxe Asia will continue to focus on its core domain of inbound tourism across key global source markets,” said Madhavan Menon, managing director, Thomas Cook India.
Founded in 2009, Luxe Asia provides travel services and is primarily focused on inbound tourism from key global markets and caters to both tour operator and traveller segments. The firm has a couple of joint ventures with Khiri Travels, a significant player in the Southeast Asian region, and also with a destination management company for the UAE market. It is a subsidiary of Ceylon Hotel Holdings.
Thomas Cook India, in which Fairfax and its India affiliate Fairbridge Capital picked a majority stake in 2012, is positioned as the local acquisition vehicle of Canada’s Fairfax.
Last year, it acquired majority stake in Sterling Holiday Resorts (India) Ltd.
It had previously acquired HR services firm Ikya and converted into a diversified business services firm. Now rebranded as Quess Corp Ltd, this unit has separately been snapping companies in India and abroad. Quess Corp is also evaluating options to go public.