Thomas Cook to buy 74% stake in Ikya

Press Trust of India : New Delhi, Thu Feb 07 2013, 00:49 hrs

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Travel services firm Thomas Cook (India) today said it has inked a pact to acquire 74 per cent stake in Ikya Human Capital Solutions in a deal valued at Rs 256 crore.

The company has signed an 'investment pact' to acquire 74 per cent stake in human resources and staffing firm Ikya Human Capital Solutions for consideration of Rs 256 crore, Thomas Cook India (India) said in a filing to the BSE.

"...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," Thomas Cook (India) MD Madhavan Menon said.

He added that after the acquisition, Ikya would remain a standalone, independently managed entity supervised by Thomas Cook (India).

Ikya, which offers specialised human resources services including search, recruitment and project based hiring, caters to over 500 corporate entities in the country.

Ikya CEO Ajit Issac said the company was born with a vision to be the leading player in human resources across the emerging global markets.

"This strategic partnership with Thomas Cook (India) and in turn their promoters at Fairfax Financial offers Ikya a platform to enable us to realise this vision sooner," he added.

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