Thomas Cook Group PLC (TCG) has concluded the sale of 76.69% stake in its India operations to Fairbridge Capital (Mauritius) Ltd. (Fairbridge), a subsidiary of Fairfax Financial Holdings Ltd. The deal was approved with 99.99% votes by shareholders at a General Meeting on August 9, 2012. 

As per the company press release, the shares transfer process was concluded post completion of all shareholder & regulatory requirements. Thomas Cook (India) Ltd (TCIL), a public limited company listed on the National Stock Exchange and Bombay Stock Exchange since 1983, is an independent entity, and has no financial or operational dependencies on TCG. 

Fairbridge is an investment company engaged in long-term investments and acquisitions in the Indian region with a focus on long-term capital appreciation through a flexible and value-oriented approach. 

Fairbridge is a wholly-owned subsidiary of Fairfax Financial Holdings Limited (Fairfax), a Toronto-based financial services holding company with a global presence in insurance and reinsurance, and a portfolio of assets in excess of US$30 billion invested worldwide. Fairfax has almost 20 insurance subsidiaries and joint ventures globally, including several market leading companies such as Odyssey Re (USA), Crum & Forster (USA), First Capital (Singapore), Fairfax Brasil (Brazil), Gulf Insurance (Kuwait) and ICICI Lombard (India). 

Fairfax, founded in 1985 by Prem Watsa the present Chairman and Chief Executive Officer, has over the past 25 years, demonstrated a strong financial track record to achieve an annual appreciation in book value per share of 24.7% annually. 

Speaking about the announcement, Mr. Madhavan Menon, Managing Director, Thomas Cook (India) Ltd said, “Thomas Cook India and Fairbridge Capital share similar values and beliefs and we are confident that the new ownership will build on the powerful growth momentum we have exhibited over the years.” 

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