Thomas Cook to sell Indian forex business

Thomas Cook to sell Indian forex business

Thomas Cook Group is being linked to a sale of its foreign exchange business in India.

Weekend speculation suggested the likely sale was part of its move to dispose of non-core assets to raise £200 million to cut debt and improve its balance sheet.

Credit Suisse Group has been taken on to help to sell the Indian foreign exchange unit, the Sunday Times reported.

The company will update on its current trading in an interim management statement on Wednesday, the Sunday Times suggesting that trading in the early part of 2012 has been disappointing.

Thomas Cook plunged into an annual loss last year after a series of profit warnings and the resignation of former chief executive Manny Fontenla-Novoa in August.


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