Udayan Bose at Thomas Cook India helm

Ashwini Kakkar leaves TCIL following Dubai investment takeover

BY A CORRESPONDENT
23rd January 2005

Thomas Cook (India) Ltd (TCIL) has reconstituted its board following takeover by Dubai Investment Group, while its high-profile CEO and Managing Director Ashwini Kakkar has resigned. TCIL has inducted six directors to its board, including banker Udayan Bose, who has taken over as the non-executive chairman of India's largest travel company.

The reconstitution of the board follows the acquisition of Thomas Cook International Markets Ltd, UK, by Dubai Financial LLC. Dubai Financial, which is a subsidiary of Dubai Investment Group, the investment arm of Dubai Holding, has acquired Thomas Cook International Markets on December 21, 2005. Dubai Investment Group has offices in the US, the UK and Asia and this is its first deal in India.

The other directors are Sayanta Basu, who has taken over as additional director and deputy Chairman, Jacquiline Gorski, Abdulhakeem Kamkar, A V Rajwade and Dilip De. "Chairman Thomas Doering, Heinz-Ludger Heuberg, Juergen Bueser, Roland Zeh, Ian Ailles have resigned as directors of the company. Udayan Bose, Jacqueline Gorski, Sayanta Basu, Dilip De, Abdul Hakeem Kamkar and A V Rajwade have been appointed as additional directors to hold office until the next AGM," a release from the company said.

Along with Ashwini Kakkar, Thomas Doering (Chairman) and Heinz Ludger Heuberg (Vice-Chairman) and directors Ian Ailles, Roland Zeh, Juergen Bueser and Lester Porter have stepped down from the company's board.

Kakkar will, however, continue to offer his services to Thomas Cook India as Advisor to the board for at least six months.

"In my years with Thomas Cook India, I have seen our business grow and Thomas Cook India is now the leading player both in the travel and financial services space. Going forward, I am sure that the growth pattern will continue and the change in ownership and shareholding pattern augurs well for the future of the company,'' Kakkar said in a press release release.

Thomas Cook has been operating in India for 124 years, with over 60 offices and had posted a turnover of Rs 130-crore in 2003-04.