After Thomas Cook India board approved corporate restructuring in order to streamline its businesses into four key verticals, Madhavan Menon, CMD of Thomas Cook and Subrata Nag, Group CEO of Quess Corp, spoke to CNBC-TV18.

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"The Thomas Cook board announced a restructuring of various elements within the Thomas Cook Group in its capacity as a holding company. One of the aspects was to demerge the human resources businesses that are with Thomas Cook and merge them into Quess Corp,” said Menon.

The verticals include, travel (outbound, domestic, business travel and MICE), foreign exchange, destination management services and portfolio investments such as Sterling Holiday Resorts.

“The promoter shareholding in Thomas Cook will not change after the restructuring. The indirect shareholding of Fairfax had in Quess will be a direct holding, which will be approximately 33% post distribution of the shares,” he added.

Speaking on subsidiaries and associate companies, Menon said, “All real estate of SOTC and other arms will be held by Thomas Cook including TC Forex and TC Travel.”

Nag said, “I don’t think the life will change, the business will go as usual. We have a strong tie with Fairfax Group as of now. They were holding through Thomas Cook. Now, they will become a direct shareholder.”

"Restructuring of Fairfax Group holdings will help Quess Corp to explore various opportunities," said Nag.

First Published:Apr 24, 2018 12:26 PM IST