 "Tata Capital sells travel, forex units to Thomas Cook")
In the first reorganisation in the financial services businesses after N Chandrasekaran took over as chairman, the Tata group has decided to sell its foreign exchange and travel services companies to Thomas Cook India.
On Monday, Tata Capital said it would sell TC Travel and Services Ltd and Tata Capital Forex Ltd to Thomas Cook for an undisclosed sum. Industry sources pegged the deal size at Rs 15 crore.
The sale would allow Tata Capital to exit non-core business segments and would enable Thomas Cook to grow its corporate travel business against the backdrop of intensified competition in the space.
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