The world's oldest travel firm Thomas Cook collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe.
Chennai: Thomas Cook India said the liquidation of the global entity will not affect its business as the London company does not have any stake in the Indian firm. However, industry thinks the development will have a bearing on the brand and the tourism industry itself.
The world's oldest travel firm Thomas Cook collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe. The liquidation marks the end of a British company that started in 1841.
However, the operations of the Indian entity will not get affected. “Thomas Cook India Group is a completely different entity since August 2012 when it was acquired by Fairfax Financial Holdings, a Canada-based multinational with varied interests across the globe as well as in India,” said Madhavan Menon, Chairman & Managing Director, Thomas Cook India.
Post transfer of its entire stake in Thomas Cook India to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India).
‘The development has affected the Thomas Cook brand and hence will have some impact on the Indian entity as well. Further, Thomas Cook being a leading global brand, the Indian entity would have been receiving support in terms of services and bookings. This too will get affected,’ said Iqbal Mulla, Chief Council, Global Tourism Council Trust.