With this acquisition, Hofincons will benefit by having a long-term, financially strong shareholder since IKYA
is part of the multinational Fairfax Financial Holdings Group, held through its Indian listed subsidiary, Thomas Cook India Limited.
TCIL, the provider of integrated travel services, believes that the acquisition of IKYA will bolster its current service portfolio.
According to a statement of TCIL filed with the stock exchanges, IKYA presents dedicated HR services in multiple areas, including search, recruitment, general and professional staffing, project-based appointment and skill development to over 500 top corporate customers in India.
The Managing Director of TCIL - Madhavan Menon has stated that his corporation is eager to make investments in partnerships which facilitate expansion of its business services platform in order to augment investors value and the purchase of IKYA has delivered the firm with an opening to "extend the bouquet of travel, financial and HR services" that it presents to corporate clients in India.
He has further said that despite their acquirement IKYA, it will maintain its operations autonomously as an individual business under the management of TCIL, which will continue its focus to develop the businesses related to travel sector.