Thomas Cook (India) Ltd. has signed an investment agreement to acquire a 74 percent interest in Ikya Human Capital Solutions Pvt. Ltd.,a human resources staffing solutions company in India, for consideration of Rs.256 crore ($.47 million).
The transaction remains subject to customary closing conditions and regulatory approvals as required. By virtue of this investment, Thomas Cook India broadens its portfolio of service-related businesses with an entry into one of the world's largest human resource markets.
The company's controlling shareholder, Fairfax Financial Holdings, and its affiliate, Fairbridge Capital, both actively assisted in discussions around the acquisition of Ikya. A Fairfax affiliate, Fairbridge Capital (Mauritius) is also a party to the investment agreement.
Managing Director Madhavan Menon said, "As one of the largest integrated travel services companies in the country, it is our strategy to invest in partnerships that broaden our business services platform to increase shareholder value. Ikya's wide range of HR services and sterling reputation, offer us a wonderful opportunity to extend the bouquet of travel, financial and HR services we offer to corporates across India."
He added, "Post the acquisition, Ikya would remain a stand-alone independently managed entity supervised by Thomas Cook (India), with the assistance of Fairbridge, and we are confident that their management team headed by Ajit Isaac will continue to grow its business for the benefit of all stakeholders. We will continue to focus and invest in the growth of our traditional travel-related businesses."
Ikya's CEO Ajit Isaac added, "Ikya Human Capital Solutions was born with a vision to be the leading player in the Human capital industry across the emerging global markets by creating a positive impact on the lives of its employees, candidates and clients. We have, in our short history since 2007, built a solid reputation with over 500 clients and partners to become India's fastest growing HR solutions company. This strategic partnership with Thomas Cook (India) and in turn their promoters at Fairfax Financial, offers Ikya a platform t enable us to realize this vision sooner."
At the BSE, Thomas Cook (India) shares are currently trading at Rs.56.50, up 4.92 percent from the previous close.
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