Thomas Cook gets CCI's nod for acquisition of rival Kuoni Travel

Travel firm Thomas Cook (India) said that it has received approval from competition watchdog Competition Commission of India (CCI) for its acquisition of rival Kuoni Travel.

The Competition Commission of India (CCI) has passed an order on Tuesday approving the proposed deal, Thomas Cook India said in a statement.

Commenting on the development, Thomas Cook (India) Managing Director Madhavan Menon said, " With the approval of CCI, we aim at swift disclosure of the acquisition of Kuoni Travel."

"We see strong synergies and benefits accruing from Kuoni's well-established presence in India along with SOTC -- garnering strong brand recall as well as multiple avenues to grow our respective business and create valuable business opportunities together," Menon added.

On August 8, Thomas Cook had announced acquisition of Kuoni group's business in India and Hong Kong for Rs 535 crore.

The company had entered into an agreement with Kuoni group to buy 100% stake in Kuoni Travel (India) Pvt Ltd.  

At 1028 hours, the shares of Thomas Cook India were trading up 0.85% or Rs 1.70 up at Rs 201.25, down slightly from the day's high on the BSE.