Thomas Cook India to buy 24% stake in Sita World Travel Lanka

NEW DELHI: Travel services provider Thomas Cook India's Lanka arm has entered into an pact to acquire 24 per cent stake in Sita World Travel Lanka Pvt Ltd for an undisclosed amount.

"Thomas Cook Lanka Pvt Ltd, a wholly owned subsidiary of Thomas Cook (India) Ltd, has entered into a share purchase agreement for the purpose of acquiring 24 per cent of the issued, subscribed and paid up share capital of Sita World Travel Lanka Pvt Ltd by way of purchase from the minority promoters," Thomas Cook India Ltd ( TCIL) said in a filing to BSE.

The company however did not provide any financial details of the agreement.

The balance 76 per cent is held by SOTC Travel Service Pvt Ltd, a subsidiary of Thomas Cook India and Travel Corporation of India Ltd, it added.

Sita World Travel Lanka Pvt Ltd was incorporated in 1997 to promote leisure travel to Sri Lanka.

Thomas Cook India's footprint (exclusive of its subsidiaries) currently extends to over 231 locations including 20 airport counters in 92 cities across India, Mauritius and Sri Lanka.