Thomas Cook India is a separate entity: Madhavan Menon
UK travel giant Thomas Cook has declared for bankruptcy after its last attempt to resurrect its business failed. The 178-year-old operator had been looking for $250 million from private investors to save its collapse. Thomas Cook said in a statement that despite their efforts, the discussions between company stakeholders and new money providers failed to yield an agreement.
The Board has concluded that there is no other option but to proceed towards compulsory liquidation with immediate effect. Following the collapse of the travel company, the UK government hired planes to fly an estimated 150,000 travellers back home free of charge. The operation that started on Monday has been described as the largest repatriation in peacetime history.
Thomas Cook CEO Peter Fankhauser called it a “deeply sad day”. Not only the grounding of planes, Thomas Cook has been forced to shut down its travel agencies, which has left 22,000 employees out of job globally.
However, amid all this, it is said that this global collapse will not affect Thomas Cook India as it is a separate entity all together.
Madhavan Menon, Chairman & Managing Director, Thomas Cook (India) Ltd, told Adgully, “With the recent developments relating to the iconic British travel company, Thomas Cook PLC, being reported in the media, it is imperative to highlight that Thomas Cook India Group has been a completely different entity since August 2012, when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada-based multinational with varied interests across the globe as well as in India.”
He further said, “Thomas Cook UK has had no stake in Thomas Cook (India) Limited. The last seven years have been fruitful as we continue to grow and build our legacy as an independent entity after Fairfax Financial Holdings acquired a 77 per cent stake in Thomas Cook India Ltd in 2012.”
In 1881, Thomas Cook started its India operations in then Bombay and in October of 1978, it named itself as Thomas Cook India. Throughout its journey in India, Thomas Cook has come out with various campaigns. Here are a few:
With the holiday season just beginning globally, Thomas Cook’s bankruptcy may have far and wide implications. This ripple effect may cause jitters across the tour booking Industry. This couldn’t have happened at a worse time. With a big company like Thomas Cook gone, it will be interesting to see how avid travellers respond to this and also how other players in the market act upon this.