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Thomas Cook sells India arm
THOMAS COOK confirmed last night it has agreed to sell its Indian arm to Toronto-based Fairbridge Capital for 8.2bn rupees (£94m).
Fairbridge, part of India-born billionaire Prem Watsa’s Fairfax Financial, will pay 50 rupees per share for its 77.1 per cent stake in Thomas Cook India.
The travel firm, which is seeking to pay down debt, said it will grant Fairbridge a licence over the Thomas Cook brand for 12 and a half years.