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UK-based travel company Thomas Cook this week signed an investment agreement to acquire a 74% stake in IKYA Human Capital Solutions, an HR staffing solutions business headquartered in India. The deal is worth around USD 47 million (INR 256 crores).
IKYA offers human resources services including search, recruitment, project based hiring, general and professional staffing, skill development, and facilities management to over 500 Indian corporate clients. The firm was founded in 2007, and with over 30 offices, employs 1,400 staff.
Thomas Cook India wants to broaden its portfolio of service-related businesses by entering the HR market. The firm’s main shareholders supported the acquisition.
Madhavan Menon, managing director at Thomas Cook India, said: “As one of the largest integrated travel services companies in the country, it is our strategy to invest in partnerships that broaden our business services platform to increase shareholder value. 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.”
“Post the acquisition, IKYA would remain a standalone independently managed entity supervised by Thomas Cook.”