Thomas Cook India acquires Luxe Asia via Lanka subsidiary
31 Jul 2015
Prem Watsa-controlled integrated travel and travel-related financial services provider Thomas Cook (India) Ltds aid it had acquired Sri Lanka-based destination management company Luxe Asia.
The acquisition was made through the Indian company's wholly-owned subsidiary Thomas Cook Lanka (Pvt) Ltd.
Thomas Cook said Luxe Asia would be operated as an independent entity.
Thomas Cook India's acquisition of Luxe Asia gives it significant presence in Sri Lanka with destination management capabilities in Sri Lanka and the Indian Ocean region.
Moreover, the acquisition provides Thomas Cook with synergies for its key business lines of outbound,inbound and corporate meetings, incentives, conference and exhibition (MICE) tourism, incentives, conferences, and exhibitions.
Based in Sri Lanka, Luxe Asia is focussed primarily on inbound tourism from key global markets and services both tour operator and traveller segments across its ten destinations in the Indian Ocean Region and Asia.
Luxe Asia has two joint ventures that include, Khiri Travels, a leader with over 20 years of operation in the South East Asian region; and a destination management company for the UAE market.
Commenting on the acquisition, Madhavan Menon, managing director, Thomas Cook (India) Ltd. said, ''Our acquisition of Luxe Asia reiterates delivery of our strategic intent of establishing a global destination management presence. Luxe Asia will continue to focus on its core domain of Inbound Tourism across key global source markets.
He added, ''Luxe Asia is a great fit to our portfolio and we aim to draw on the strong synergies with our outbound, inbound and MICE businesses at Thomas Cook India.''
