Thomas Cook India Group announces debt pre-payment by Sept 30, 2018

Standalone entity to become debt free

Deepthi | Myequity news | Date : 05-09-2018 13:00:00 IST

The Thomas Cook (India) Group announced reduction of debt of its standalone entity, making it debt free by September 30, 2018. The Thomas Cook (India) Group will pre-pay Rs. 67 crore non-convertible debentures by September 30, 2018, significantly ahead of schedule.

This, combined with the OFS proceeds used to settle short term debts, will result in a contribution of 36 crore rupees annually to TCIL’s bottom line. The stable and strong cash flows from its operating businesses have enabled the Company reduce debt at a steady pace. In addition to the above pre-payment, the Company targets further reduction of its Group debt over the next three financial years.

Mr. Debasis Nandy, President & Group Chief Financial Officer, Thomas Cook (India) Ltd said, “Our organic growth and focus on working capital management has enabled us to generate strong and steady cash flows. This has been used to deleverage the balance sheet and create a strong platform for acquisitions, as and when the opportunity should arise.”

About Thomas Cook (India) Limited:

Thomas Cook (India) Ltd. (TCIL) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business. The company set up its first office in India in 1881. The Thomas Cook India Group spanning 24 countries across 4 continents, a team of over 7590 and a combined revenue in excess of Rs. 11,411.6 Cr. (over $ 1.75 Bn), operates leading B2C and B2B brands including, Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied T Pro, Australian Tours Management, Desert Adventures, Travel Circle International Limited, Private Safaris East & South Africa. The Group is today one of the largest travel service provider networks headquartered in the Asia-Pacific region.


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