To continue providing Tele Education and Tele Medicine services from elite Indian Universities and Super Specialty Hospitals to African nations using Internet as transmission media, TCIL
had already successfully executed Phase-1 of PAeNP from 2008 to 2017.
Madhavan Menon, TCIL
managing director, commented that the new owner would benefit from the strong growth of a company with similar values and beliefs.
Leisure travel company Thomas Cook Group plc (LSE:TCG) announced on Tuesday that, following an auction process, agreement has been reached to sell its 77% interest in Thomas Cook (India) Limited (TCIL
) to Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited.
The reports quoted a senior government official as saying "The Department of Disinvestment (DoD) plans to engage an advisor to advise and manage TCIL
's outright sale process successfully." The department aims to finalise appointment of merchant bankers by mid-December, the official added.
CRISIL believes that TCIL
will improve its profitability over the medium term, driven by sustained growth in economic activity and higher revenue contribution from the company's express cargo, and supply-chain solutions business divisions.
As part of the agreement, TCIL
will seek opportunities for the GenCore product line to support existing projects it is developing globally, as well as with government-owned telecommunications providers in India, where the need for reliable, extended-run backup power is critical, said Plug Power.
receives operational and financial support from its parent TCUK and also has a strong business risk profile, as reflected in its dominant position in the domestic forex business.
The equity percentage of TCIL
shall go to 49 per cent which amounts to conversion of loans to equity to the extent of Rs.15.43 crores and to authorise TCIL
to provide bridge loans to the extent of Rs.12.5 crore till loans from banks are organized.