Tata Capital has signed a definitive agreement to divest 100% of its shareholding in its wholly-owned subsidiaries Tata Capital Forex Ltd. (foreign exchange) and TC Travel and Services Ltd. (travel services) to Thomas Cook (India) Ltd. for an unspecified amount.
The two companies to be acquired have offices in 26 locations and approximately 300 employees.
“These companies will continue to run under the Tata Capital management, in consultation with Thomas Cook on specific matters, till the closing date when the share sale will be consummated,” Tata Captal said in a statement.
Tata Capital Forex and TC Travel Services handle clients from within the Tata Group companies and outside.
Madhavan Menon, chairman & managing director, Thomas Cook (India) said,“Our acquisition of Tata Capital’s Forex and Travel companies serves to further strengthen the Thomas Cook India Group’s leadership position in the Travel & Foreign Exchange sector in the country.”