Thomas Cook to offload Indian unit as strategic review continues

Shares in travel operator Thomas Cook rose strongly on Wednesday morning after the firm said it was offloading its stake in its Indian subsidiary as the group reported a 3% rise in first-quarter revenue.

Shares in travel operator Thomas Cook rose strongly on Wednesday morning after the firm said it was offloading its stake in its Indian subsidiary as the group reported a 3% rise in first-quarter revenue.

The firm said it has received a number of unsolicited informal expressions of interest for its 77.1% stake in Thomas Cook India Limited (TCIL), the largest integrated foreign exchange and travel services company in the country. "If the offers are attractive then we will consider selling our stake and using the proceeds to continue to strengthen the group's balance sheet," said Chief Executive Sam Weihagen.

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