The Thomas Cook (India) Group announced reduction of debt of its standalone entity, making it debt free by September 30, 2018. The Thomas Cook (India) Group will pre-pay Rs. 67 crore non-convertible debentures by September 30, 2018, significantly ahead of schedule.
This, combined with the OFS proceeds used to settle short term debts, will result in a contribution of 36 crore rupees annually to TCIL’s bottom line.
The stable and strong cash flows from its operating businesses have enabled the Company reduce debt at a steady pace.
In addition to the above pre-payment, the Company targets further reduction of its Group debt over the next three financial years.
Debasis Nandy, President & Group Chief Financial Officer, Thomas Cook (India) Ltd said, “Our organic growth and focus on working capital management has enabled us to enerate strong and steady cash flows. This has been used to deleverage the balance sheet and create a strong platform for acquisitions, as and when the opportunity should arise.”
