Thomas Cook (India) Ltd, one of the largest integrated travel services companies in the country, announced that it has signed an investment agreement to acquire a 74% interest in IKYA Human Capital Solutions Private Limited (Ikya), India's leading human resources staffing solutions company for consideration of Rs 256 crores (approximately US$47 million).
The transaction remains subject to customary closing conditions and regulatory approvals as required.
Ikya offers specialized human resources services including search, recruitment, project based hiring, general and professional staffing, skill development, and facilities management to over 500 leading Indian corporate clients through 32 offices, with 1,400 team members and over 54,000 associates.
By virtue of this investment, TCIL broadens its portfolio of service-related businesses with an entry into one of the world's largest human resource markets.
Thomas Cook (India) Ltd's controlling shareholder, Fairfax Financial Holdings, and its affiliate, Fairbridge Capital, both actively assisted in discussions around the acquisition of Ikya. A Fairfax affiliate, Fairbridge Capital (Mauritius) is also a party to the investment agreement.
Speaking on the Ikya acquisition, Madhavan Menon, Managing Director, Thomas Cook (India) Ltd, said, "As one of the largest integrated travel services companies in the country, it is our strategy to invest in partnerships that broaden our business services platform to increase shareholder value.
"Ikya's wide range of HR services and sterling reputation, offer us a wonderful opportunity to extend the bouquet of travel, financial and HR services we offer to corporates across India."
Ikya's CEO Ajit Isaac said: "This strategic partnership with Thomas Cook (India) Ltd and in turn their promoters at Fairfax Financial, offers Ikya a platform to enable us to realise this vision sooner."