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Thomas Cook eyes stake in TFCI; Marigold Capital to buy Leela Palace Chennai

05 September, 2017

Travel services firm Thomas Cook (India) Ltd, controlled by Canadian investment firm Fairfax, is among the several companies interested in state-owned lender IFCI Ltd’s 26.09% stake in Tourism Finance Corporation of India Ltd (TFCI), says a Mint report citing two people aware of the development.

The talks are on, but it could be a while before anything is concluded, the report adds.

The TFCI stock was trading at Rs 129.55, up 7.6%, in morning trade on the BSE on Tuesday. This pegs the value of IFCI’s stake at around Rs 274 crore.

Set up in 1989 pursuant to the recommendations of the National Committee on Tourism, TFCI is a specialised financial institution that provides loans to tourism-related projects.

In another development, American private equity fund Marigold Capital and Investments has agreed to buy Leela Venture’s 326-room hotel in Chennai, says The Economic Times citing people aware of the development.

The deal value is estimated at around Rs 700 crore. The legal and financial due diligence is currently underway, the report adds.

Marigold Capital is involved in acquisitions and operations of hotels and hospitality properties across the world, according to information on its website.

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Thomas Cook eyes stake in TFCI; Marigold Capital to buy Leela Palace Chennai

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