Travel services provider Thomas Cook Group Plc has initiated a formal sale process of

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its 77.1 per cent stake in Thomas Cook India Ltd.

In a filing to the BSE by Thomas Cook India Ltd (TCIL), the company said numerous third parties are interested in buying the stake.

"Following a number of unsolicited informal expressions of interest, we have decided to seek formal offers for our stake in Thomas Cook India," the filing said quoting Thomas Cook Chief Executive Sam Weihagen said.

If the offers are attractive then the company will consider selling the stake and use the proceeds to continue to strengthen the group's balance sheet, he added.

Thomas Cook Group Plc has been under a financial stress and last year it sold off Spanish hotel chain Hotels Y Clubs De Vacaciones to Grupo Iberostar for 72.2m euros.

On the Indian business, Weihagen said:"TCIL is a strong business, operating in an attractive market. Both the business and the market are growing and Thomas Cook will only sell its stake if a compelling offer is received."

TCIL provides foreign exchange and travel services in 70 Indian cities across 153 owned locations.

The company employs 2,700 people in India and has partner network of 110 'Gold Circle Partners' and 184 preferred sales agents in over 100 cities in the country.

It also has operations in Mauritius and Sri Lanka.

TCIL's scrips were trading at Rs 53.90 per share in the afternoon trade, up 19.91 per cent from the previous close on the BSE.