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Thomas Cook India netdrops 9% to Rs 2.91 cr
Kailash Rajwadkar
Mumbai, July 20: The board of Thomas Cook (India) has, subject to necessary approvals, decided to acquire 15,76,692 equity shares of Rs 10 each of Travel Corporation (India) (TCI) Ltd for Rs 120 crore. Meanwhile, Thomas Cook India has recorded a 9 per cent drop in its net profit to Rs 2.91 crore for quarter ended June 30, 2000, against Rs 3.21 crore in the corresponding quarter in the previous year. Turnover rose by 14 per cent to Rs 20.39 crore from Rs 17.88 crore in the previous year due to higher realisations from corporate travels, company officials said. The board also plans to acquire Thomas Cook Overseas Ltd, UK's branch in Sri Lanka at a total investment of 40,000 pounds or equivalent thereof. This was notified to the Stock Exchange, Mumbai (BSE) on Thursday.Earlier, Thomas Cook (India) had, in principle, approved a 100 per cent buy out of TCI and the due diligence exercise was said to be underway. Meanwhile, Thomas Cook India has recorded a 9 per cent drop in its net profit to Rs 2.91 crore for quarter ended June, 2000, against Rs 3.21 crore in the corresponding quarter in the previous year. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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