Travel firm Thomas Cook (India) said that it has received approval from competition watchdog CCI for its acquisition of rival Kuoni Travel.
The Competition Commission of India (CCI) has passed an order today approving the proposed deal, Thomas Cook India said in a statement.
Commenting on the development, Thomas Cook (India) MD Madhavan Menon said:" With the approval of CCI, we aim at swift disclosure of the acquisition of Kuoni Travels."
"We see strong synergies and benefits accruing from Kuoni's well established presence in India along with SOTC - garnering strong brand recall as well as multiple avenues to grow our respective business and create valuable business opportunities together," Menon added.
On August 8, Thomas Cook had announced acquisition of Kuoni group's business in India and Hong Kong for Rs 535 crore.
The company had entered into an agreement with Kuoni group to buy 100 per cent stake in Kuoni Travel (India) Pvt Ltd.
