India: Tata Capital to sell foreign exchange service to Thomas Cook

Travel services firm Thomas Cook (India) on Monday, September 25, said its board has agreed to acquire two units of Tata Capital Financial Services.

The two subsidiaries are Tata Capital Forex, which provides services related to foreign exchange, and TC Travel and Services, which provides travel services.

Established in 2007, Tata Capital is a unit of Tata Sons. Its offers consumer finance, advisory services, commercial finance, infrastructure finance, investment banking, private equity advisory and credit card distribution. The two companies together operate in 24 locations across India.

Thomas Cook (India)’s chairman 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 and foreign exchange sector in the country. This also gives us the opportunity to continue to serve the strong corporate portfolio of both Tata Capital Forex and TC Travel Services, which include large corporate houses as well as set of new retail customers.”

Full Content: Economic Times

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