Key Development

Thomas Cook (India) Limited (TCIL) is strengthening its strategic engagement across the India-Europe corridor through its Cyprus subsidiary, Travel Circle International (Cyprus) Limited (TCI Euro). This expansion supports Indian enterprises expanding into Europe by providing integrated travel and business solutions.

Strategic Details

  • TCIL established its first EU office in Nicosia, Cyprus in 2025 through TCI Euro
  • The office was set up to support business travel requirements of Indian corporates and multinational clients operating across Europe
  • Provides enterprise clients access to EU exclusive travel options and preferential rates
  • Aligns with growing India-EU trade momentum following the India-EU Free Trade Agreement concluded in January 2026
  • The agreement creates a trade zone spanning nearly 2 billion people and covering 25% of global GDP

Collaboration Details

  • Eurobank established its first representative office in Mumbai (first physical presence of a Greek and Cypriot bank in India)
  • Eurobank will facilitate cross-border corporate transactions and investments between India and Europe
  • Thomas Cook and Eurobank services create an ecosystem across travel services, financial services, and cross-border investments

Management Commentary

Mr. Indiver Rastogi, President & Group Head – Global Business Travel, Thomas Cook (India) Ltd.: "Our entry into Cyprus last year marked a significant milestone in Thomas Cook India's international growth journey and strengthened our ability to service clients across the European Union region. Combined with Eurobank's growing presence in India, this creates a strong ecosystem for Indian enterprises looking at Europe as a growth market."

Mr. Michalis Louis, CEO, Eurobank Ltd.: "I am delighted with the establishment of our India representative office in Mumbai because it reflects not just our recognition of India as a strategically important market for Eurobank but also reflects the growing importance of the rapidly developing business and economic ties between India and Europe."

Company Background

Thomas Cook (India) Limited (TCIL) is India's leading omnichannel travel company established in 1881, offering services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, and Visa Services. The group operates across 28 countries spanning 5 continents.

Ownership Structure

Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited, is the promoter of TCIL with 63.83% shareholding.

Subsidiary Information

  • Sterling Holiday Resorts Limited: Wholly owned subsidiary with over 78 resorts, hotels and retreats across 48 locations in India
  • SOTC Travel Limited: Step-down subsidiary focused on omnichannel travel and tourism
  • Travel Corporation (India) Limited: Wholly owned subsidiary offering destination management services
  • DEI Holdings Limited: 51% stake held, providing imaging solutions and services

Financial Impact

Financial impact not quantified in the disclosure.