Thomas Cook India receives Bombay High Court approval for merger with Sterling Holiday Resorts

NEW DELHI: Travel company Thomas Cook has received approval of the high court of Bombay for its merger with Sterling Holiday Resorts (India) Limited, vide order dated July 2, 2015.

The high court has sanctioned the composite scheme of arrangement and amalgamation between Sterling Holiday Resorts (India) Limited, Thomas Cook Insurance Services (India) Limited and Thomas Cook (India) Limited and their respective shareholders and creditors under the court process.

Madhavan Menon, managing director of the company said, "Sterling Resorts having turned profitable has worked well for us. It has declared its first profit in 18 years - of Rs 5 million for the financial year ended March 31, 2015. With a clear roadmap, Sterling has taken strong, confident strides this year with upgrades of 6 existing resorts and opening of 4 new resorts (at Corbett, Daman, Shirdi and Dindi), to bring its network to a total of 24 resorts across India."