Thomas Cook (India) Limited has announced a significant additional investment of INR 2.50 crore in its joint venture company, Indian Horizon Marketing Services Limited (IHMSL). The Sub-Committee of the Board of Directors authorized this investment on March 27, 2026, following the execution of a supplemental agreement on March 24, 2026, to strengthen the partnership with Atirath Technologies Private Limited for developing a Travel AI Platform.

Investment Details and Share Allotment Structure

The company has subscribed to 25,00,000 Class A Equity Shares of INR 10 each through a preferential offer by Indian Horizon Marketing Services Limited. This strategic investment maintains the existing 50:50 shareholding structure between Thomas Cook India and Atirath Technologies in the joint venture company.

Joint Venture Capital Structure Evolution

The preferential share allotment has significantly expanded the paid-up capital structure of Indian Horizon Marketing Services Limited. The joint venture company, originally incorporated on December 26, 1989, has maintained zero turnover for the past three financial years as it focuses on developing the Travel AI Platform.

Travel AI Platform Development Focus

The additional investment will be utilized specifically for co-developing the Travel AI Platform, which represents the core objective of the supplemental agreement executed between Thomas Cook India and Atirath Technologies. This initiative aims to create proprietary intellectual property for the travel domain utilizing artificial intelligence technology, enhancing Thomas Cook Group's service offerings in the Indian market.

The original joint venture agreement was executed on September 30, 2024, establishing the foundation for this technological collaboration. The supplemental agreement adds specific provisions for AI platform development while maintaining all terms and conditions from the initial agreement.

Regulatory Compliance and Related Party Considerations

The investment falls under related party transactions as Indian Horizon Marketing Services Limited is classified as an associate of Thomas Cook India. The company has confirmed compliance with SEBI Listing Regulations, ensuring the transaction is conducted at arm's length with proper regulatory disclosures.

This strategic investment reinforces Thomas Cook India's commitment to leveraging advanced technology in the travel industry, combining the company's extensive travel expertise with specialized AI capabilities through its partnership with Atirath Technologies.

Thomas Cook (India) Limited has announced the outcome of its board meeting held on March 20, 2026, where directors approved a comprehensive Composite Scheme of Arrangement. The scheme involves multiple corporate restructuring activities including demerger, share consolidation, subsidiary mergers, and capital reduction.

Board Meeting Outcome

The Board of Directors, based on recommendations from the Independent Directors Committee and Audit Committee, approved the Composite Scheme of Arrangement involving Thomas Cook (India) Limited, Sterling Holiday Resorts Limited, and three subsidiary companies. The meeting commenced at 3:45 PM IST and concluded at 6:00 PM IST.

Subsidiary Board Approval and Regulatory Disclosure

Sterling Holiday Resorts Limited, the wholly-owned material subsidiary of Thomas Cook (India) Limited, also held its board meeting on March 20, 2026, where directors approved the same Composite Scheme of Arrangement. The approval was communicated to BSE Limited and National Stock Exchange of India Limited under Regulation 30(9) of SEBI Listing Regulations.

Demerger of Resorts Business

The scheme includes demerging Thomas Cook's Resorts and Resort Management business into Sterling Holiday Resorts Limited (SHRL). The demerged undertaking consists of resorts and resort management operations, including operating and managing resorts, hotels and similar properties. The company operates 6 resorts directly under the Nature Trails brand across scenic locations in India, offering adventure holidays, educational trips, and corporate getaways.

Share Capital Restructuring

The composite scheme involves multiple share capital changes. Four equity shares of face value Re. 1 each will be consolidated into one equity share of face value Rs. 4.00 each. Subsequently, the face value will be reduced from Rs. 4.00 to Rs. 3.00 per share without any payment to shareholders.

Subsidiary Mergers

Three wholly-owned subsidiaries will be merged with Thomas Cook (India) Limited. TC Visa Services (India) Limited, Jardin Travel Solutions Limited, and Borderless Travel Services Limited will be absorbed to streamline corporate structure and reduce administrative costs. These subsidiaries are currently dormant and non-operative, incurring unnecessary compliance costs.

Strategic Objectives and Value Creation

According to Managing Director & CEO Mahesh Iyer, the restructuring aims to unlock tremendous value for shareholders by streamlining the existing capital structure and resulting in improved Earnings Per Share. The demerger will enable sharper strategic and operational focus across each business vertical and pursue sector-specific growth strategies with agility.

Regulatory Approvals and Timeline

The scheme requires approvals from shareholders, creditors, National Company Law Tribunal, SEBI, and stock exchanges. BSE Limited has been appointed as the designated stock exchange for the scheme. The company expects completion within 15 to 18 months from board approval, subject to securing necessary regulatory approvals.

The announcement was made under Regulation 30 of SEBI Listing Regulations and communicated to both BSE and NSE by Company Secretary Amit J. Parekh. The restructuring aims to unlock value for shareholders, enable sharper strategic focus across business verticals, and attract differentiated investor cohorts for each business segment.