TCI to acquire 24% stake in Sita World Travel Lanka

Thomas Cook India’s wholly-owned subsidiary, Thomas Cook Lanka has entered into a Share Purchase Agreement (SPA) for the purpose of acquiring 24 per cent of the issued, subscribed and paid up share capital of Sita World Travel Lanka. Sita World Travel Lanka was incorporated in 1997 to promote leisure travel to Sri Lanka. The balance 76 per cent is held by SOTC Travel Service which is a subsidiary of Thomas Cook India and Travel Corporation of India. The successful completion of the acquisition is subject to statutory and regulatory approvals. (Source: PTI)