Tag Archives: Madhavan Menon

Thomas Cook India has announced that its Board has approved the signing of a definitive agreement with Tata Capital Limited to acquire its wholly-owned subsidiaries, Tata Capital Forex Limited (foreign exchange) and TC Travel and Services Limited (travel services). The network of the two acquired entities includes 24 locations pan India. The transaction remains subject to regulatory approvals. 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. This also gives us the opportunity to continue to serve the strong corporate portfolio of both Tata Capital Forex Limited and TC Travel Services Limited- large corporate houses including flagship Tata Group companies; as also a set of new retail customers.” He added, “The acquisition creates clear opportunities, including a significant increase in scale and network reach, volume/ buying advantages as well as technology gains, all resulting in stronger customer service and stakeholder value.” Praveen Kadle, Managing Director and CEO, Tata Capital said, “Travel and Forex services are perfectly poised for rapid and high growth. We are confident that Thomas Cook would take this business forward and help it reach its potential.”

The Thomas Cook India (TCI) Group has announced the completion of the acquisition of a significant part of Kuoni’s global DMS network. As a part of this acquisition, the Thomas Cook India Group will now include leading Destination Management Specialists (DMS) like Asian Trails (APAC), Desert Adventures (MENA), ATM-Australian Tours Management (Australia), Allied T Pro (North America), Private Safaris (Eastern Africa) and Private Safaris (Southern Africa) under its network creating a seamless delivery capability for the group and its B2B and B2C customers across 21 countries and 4 continents. Post the acquisition, The Thomas Cook India Group, with over 6500 employees across 21 countries and a combined revenue in excess of Rs. 8700 crore (over $1.34 billion) has been -transformed into one of the largest travel service provider networks headquartered in the Asia-Pacific region. With this move, The Thomas Cook India Group’s travel business network has now expanded with the addition of 17 new countries, increasing its footprint to now cover 21 countries. The Group, which prior to this acquisition, comprisied Thomas Cook (India), SOTC Travel, TCI-SITA and Kuoni Hong Kong had a network spanning 4 countries – India, Sri Lanka, Mauritius and Hong Kong. Commenting on this development, Madhavan Menon, Chairman & Managing Director, The Thomas Cook India Group., said, “This acquisition of a significant part of Kuoni’s Global Destination Management network represents an important milestone for a rapidly growing Thomas Cook India Group, as we deliver on our stated strategy of rapid expansion in the Asia Pacific region. Now with a significantly enhanced global footprint across 4 continents and 21 countries, we have over 6500 employees serving customers across the world under some of the most respected brands …

Thomas Cook will discontinue with brand Kuoni and rebrand it as SOTC India, which will operate independently, revealed Madhavan Menon, Chairman and MD Thomas Cook (India). Also, he revealed that Thomas Cook (India) will not be using the Thomas Cook brand after 2025. Talking of the new structure post the acquisition of Kuoni India, Menon said that the company has started the process of discontinuing the Kuoni brand in India. He said, “The Kuoni brand is available to us in India for one year and we plan to migrate to SOTC.” Kuoni’s outbound business will be known as SOTC India Pvt Ltd. SOTC will have an independent management team. It will continue to run the outbound business – packages holidays, corporate travel, MICE and domestic travel that will be launched. Thomas Cook India will de-merge SITA – Kuoni India’s inbound brand – and merge it with TCI. This company will be known as TCI, which will be headed by Dipak Deva , incorporate the three brands– TCI, SITA and Distant Frontiers. Further, he disclosed that The Thomas Cook India Group is allowed use of the Thomas Cook brand till 2025.  As part of its Brand Transition Strategy, the plan to hence leverage the strengths of these brands and draw up a strategy to replace the Thomas Cook brand in the long term.

In a major shuffle after the Kuoni Travel (India) was taken over by Thomas Cook (India), it has been announced that Vishal Suri has been appointed as MD of Kuoni Travel (India) effective January 4, 2016. Prior to the appointment, Suri headed the outbound portfolio as Chief Executive Officer – Tour Operating, Kuoni India. Rajeev Wagle, stepped down as MD, Kuoni India with effect from January 4, 2016. Madhavan Menon, Chairman and MD of Thomas Cook (India) said, “It gives us great pleasure to appoint Vishal Suri as the Managing Director of Kuoni Travel (India). He comes with a wealth of experience: over 22 years across a gamut of consumer centric industries like telecom, internet, and office automation; including over a decade in running travel businesses. We wish him every success in his new role. We respect Rajeev Wagle’s decision to pursue his interests outside the organisation and place on record our sincere appreciation for his contributions to building Kuoni-SOTC, as also his expertise and extensive experience of over 26 years, across industries.”