Saturday, September 22, 2018

Thomas Cook India Board for sharper focus on travel business

The proposed study will also review shareholder’s value in Quess Corp

  • Thomas Cook India Board for sharper focus on travel business

By Raghavendra Rao

Thomas Cook (India) Ltd’s board of directors has given its consent to carry out a feasibility study with a focus on its travel related business, said an exchange filing.

The board last week also approved a feasibility study on internal corporate restructuring, a proposal placed by the company’s management.

The other objects to this exercise include providing the travel and tourism major’s shareholders direct exposure and shareholding in Bengaluru-based business services firm, Quess Corp Ltd., besides enhancing stakeholders’ value.

Thomas Cook owns 49.02 per cent in Quess Corp, as on 31 December 2017.

Quess Corp, founded in 2007, provides business services across four segments - global technology solutions, people and services, integrated facility management and industrials. The company was Thomas Cook’s subsidiary until 2016 when the Quess Corp initial public offering (IPO) saw the parent diluting its stake from 69.5 per cent to 63 per cent.

The board observed that there was a need to examine specific details of the proposal. After the study is finalised, the company’s management will table the details to the board for approval.

Thomas Cook is a major player in the foreign currency exchange business.