Thomas Cook not to acquire visa services unit of TT Enterprises

Mumbai: Holiday services firm Thomas Cook India is not going to buy the visa services division of TT Enterprises Pvt Ltd, as the transaction could not be completed before the expiration of the Memorandum of Understanding.
Thomas Cook had earlier announced that it will buy 12.91 lakh shares or 76 per cent stake in the equity share capital of TT Enterprises Pvt Ltd (TTEPL) at a price up to Rs 130.98 per share, for Rs 16.90 crore.
TTEPL, which is in the business of visa facilitation services, cargo services and foreign exchange services, was supposed to sell its business of visa facilitation services to Thomas Cook.
The visa services division has a team size of 120 and handles more then 3,50,000 visa applications annually, according to latest information available.
28/04/07 PTI/The Hindu

To Read the News in full at Source, Click the Headline

Categories: General Aviation Apr 2007