Thomas Cook (India) Limited has informed the Exchange about approval to execute and enter into an addendum to the Joint Venture Agreement with Atirath Technologies Private Limited ( JV Partner ) and Indian Horizon Marketing Services Limited (JV Company) and making further investment upto INR 27,000,000 in JV Company. For further details kindly refer enclosed file.
THOMASCOOK · price
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Thomas Cook (India) Limited has received approval to sign an addendum to its existing Joint Venture Agreement with Atirath Technologies Private Limited, the JV partner, and Indian Horizon Marketing Services Limited, the JV Company. As part of this, the company will make an additional investment of up to INR 27,00,00,000 (about Rs 27 crore) into the JV Company. This is an extension/modification of an existing joint venture rather than a completely new arrangement. Further details have been referred to in an enclosed attachment with the exchange filing.
For shareholders, this signals continued capital commitment by Thomas Cook into its joint venture, which may affect near-term cash deployment but is modest in size relative to the company. The strategic intent and returns from this JV will depend on details in the enclosed attachment.