Thomas Cook board approves JV with Atirath Technologies to develop travel AI platform

Travel services firm Thomas Cook (India) Ltdon Tuesday (March 24) said it has approved a supplemental agreement with Atirath Technologies Private Ltd to invest in Indian Horizon Marketing Services Ltd, its joint venture focused on co-developing a travel AI Platform. The decision was taken by the sub-committee of the company’s board today.Under the agreement, Thomas Cook will continue to hold a 50% stake in the joint venture, with Atirath retaining the remaining 50%. The joint venture will operate exclusively in India, and all terms of the original September 30, 2024, agreement remain in force, including equal board representation and decision-making rights for both partners.

The fresh subscription amount from Thomas Cook will be directed toward the development of proprietary AI-based travel solutions. The transaction is a related-party deal at arm’s length, with Thomas Cook as an associate of the joint venture, while Atirath has no connection to the company or its promoters.
Also Read: Thomas Cook, SOTC team up with Mauritius to woo Indian travelers
Indian Horizon Marketing Services Ltd has an authorised capital of ₹9.96 crore. The joint venture aims to enhance the Thomas Cook Group’s travel offerings by leveraging artificial intelligence to develop specialised intellectual property for the travel domain.Last week, Thomas Cook (India) said it has given in-principle approval to demerge its resorts and resort management business into Sterling Holiday Resorts Ltd (SHRL), along with a capital restructuring plan. The proposal is subject to approvals from the NCLT and other regulatory authorities.

The demerger aims to separate the resorts business into Sterling Holiday Resorts, with Thomas Cook (India) shareholders receiving 0.81 shares of Sterling Holiday Resorts for every share held in Thomas Cook (India).

Also Read: Thomas Cook India Q2 | Net profit, revenue post modest gains; margins slacken

Post the demerger, Thomas Cook (India) will continue to hold its existing stake in SHRL, while the promoter and public shareholding pattern of both entities will remain similar. Sterling Holiday Resorts shares are proposed to be listed on the BSE and NSE.

Shares of Thomas Cook (India) Ltd ended at ₹95.15, up by ₹1.60, or 1.71%, on the BSE.