Tour operator Thomas Cook (India) Ltd has announced that it has acquired Kuoni Group's destination management business to expand its global footprint.
“The company, through its wholly owned subsidiary Thomas Cook India Group, has acquired Kuoni's global network of destination management specialists,” it said in a stock market disclosure.
The division, which consists of six business units, is spread over 17 countries in Asia, Australia, the Middle East, Africa and the US. The financial details of the deal were not disclosed.
The agreement will help Fairfax Holdings-controlled Thomas Cook increase its global presence through Kuoni’s several brands, including Asian Trails, Desert Adventures Tourism, Gulf Dunes, Private Safaris, Allied TPro and Australian Tours Management.
“This acquisition is a strong reiteration that the Thomas Cook India Group continues to invest and grow its travel businesses globally with a view to creating strong value for its customers,” said Madhavan Menon, managing director at Thomas Cook India Group.
Thomas Cook (India) had earlier bought Kuoni Group’s travel and tour business in India and Hong Kong for Rs 535 crore ($84 million then).
Thomas Cook (India) offers a broad spectrum of services that include: foreign exchange; corporate travel; meetings, incentives, conferences & events (MICE); leisure travel; insurance; visa and passport services; and e-business. The company set up its first office in India in 1881.
Thomas Cook's current footprint, excluding subsidiaries, spans 261 locations (including 21 airport counters) in 102 cities across India, Mauritius and Sri Lanka.
Its net sales dropped to Rs 392 crore in financial year 2015-16 from Rs 500 crore the year before. Net profit also shrunk to Rs 8 crore from Rs 33 crore.