TCI reconstitutes board
Thomas Cook India had recently acquired TCI in an all-cash-deal for Rs 182.45 crore.
By TNN |
HYDERABAD: Following its acquisition by Thomas Cook India, Travel Corporation India (TCI) has re-constituted its board by incorporating Mr Hoshang Billimoria as chairman and a nominee of Thomas Cook India in the board. The promoters of TCI, Mr Jehangir Katgara, and Mr Pradip Madhavji will function as independent directors while Mr Madhavan Menon, managing director, Thomas Cook India, would function as a non-executive director.
Thomas Cook India had recently acquired TCI in an all-cash-deal for Rs 182.45 crore. This was Thomas Cook India’s second major acquisition in the country after buying out LKP Forex earlier this year.
According to Mr Menon, MD, Thomas Cook India, the group’s strategy to accelerate its growth in India has started paying off. "With travel business clocking rapid growth, the market strengths, people and infrastructure at TCI will help to build the travel business for both companies," he added.
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