From the Chairman

Hi All,

The first four months of a calendar year represent an important milestone across the Group as it covers the peak of the Inbound season in Asia, India and the Middle East, the Tour Operating Business in India and Hong Kong focusing on bookings, and the commencement of Summer Tours. It also includes the Last Quarter in the Financial Year for the Group companies in India. Additionally, the Destination Management Businesses were at ITB in Berlin in the first week of March, and we were represented by nearly 30 colleagues from across the DMS network. Obviously, many of you are either very busy or cranking up for the forthcoming season or closing the books. I take this opportunity to wish you all the very best for the Season.

I would also like to share a recent development – the Board of Thomas Cook India has recently approved the proposal for corporate restructuring of the Group. This move is aimed at simplifying and clarifying structure and holdings, streamlining businesses and resources, ensuring focused management and eliminating cross holdings. This proposed restructuring with the realignment of the travel businesses of TCIL, and consolidation of the  human resource services business into Quess Corp.  This will simplify the Group structure, enabling both TCIL and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth/opportunity point of view – for investors, management and teams.

The Fairfax India Charitable Foundation continues to grow. So far, they have installed 130 dialysis machines across India and expect to have installed nearly 560 dialysis machines by the end of the year in partnership with the Government. During the first year of its existence, it has also partnered with GMR’s Varalaxmi Foundation, HDFC’s HT Parekh Foundation and some other corporates, to roll out this programme. The objective is to reduce the cost of treatment by nearly 65%.  With the Foundation’s initiative, the Government has decided to set up 500 centres across India and the foundation will contribute to the setting up of 119 such centres. I hope that this enterprise will expand in the area of kidney treatment and other areas of Healthcare as well.

I am sure you would have noted the diversity of our in-house magazine “PULSE” given the various businesses that it covers and the various countries that the articles and news are sourced from. Please do let us have your feedback.


Madhavan Menon