Thomas Cook India (TCIL) is in talks with foreign exchange company Travelex Group to sell its foreign-exchange business in India, The Financial Express yesterday reported, citing two unnamed people familiar with the development.
London-based Travelex is now conducting a due diligence on TCIL's financial services business, one of the two people told the paper.
The financial services business contributed 17.1 per cent or Rs20.73 crore to TCIL's Rs119.02 crore net profit in 2010-11 and 12.75 per cent or Rs34.10 crore to the company's total sales.
Operating in India since 1881, Thomas Cook India is the country's largest foreign exchange and second largest travel operator.
Thomas Cook India's forex operations provides an array of foreign exchange products and services to various customer segments in India, Sri Lanka and Mauritius It has the largest network of branches with 144 locations across 53 cities in India including 28 airport counters in major cities.
It also has a vast presence in Mauritius with 12 locations including international airport and also in Sri Lanka at 3 major locations.