Thomas Cook to acquire 74% stake in Ikya for Rs256 crore
06 Feb 2013
Travel services firm Thomas Cook (India) today said it has signed an investment pact to acquire 74 per cent stake in Ikya Human Capital Solutions in a deal valued at Rs256 crore.
Ikya is engaged in human resources and staffing services in India, offering specialised services in executive search, recruitment solutions, staffing services, training and project based RPO hiring.
Based in Bangalore, Ikya provides world-class HR services through company its offices across India to over 500 organisations, including leading MNCs and large Indian firms across industries.
"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," Thomas Cook (India) managing director Madhavan Menon said.
Post acquisition, Ikya would remain a standalone, independently managed entity supervised by Thomas Cook (India), he added.
Ikya has a vision to be the leading player in human resources across the emerging global markets, CEO Ajit Issac said.
"This strategic partnership with Thomas Cook (India) and in turn their promoters at Fairfax Financial offers Ikya a platform to enable us to realise this vision sooner," he added.
The transaction is subject to customary closing conditions and regulatory approvals, Thomas Cook said.