Thomas Cook's Arm to Acquire 49% Stake in MFXchange Holdings

New Delhi: Travel firm Thomas Cook India today said its arm IKYA has entered into a definitive agreement with Fairfax Financial Holdings Ltd to acquire 49 per cent stake in MFXchange Holdings, Inc (MFX), a wholly owned subsidiary of Fairfax.

The integration of MFX with IKYA will result in the formation of the Global Technology Services Group (GTS Group) marking IKYA's entry into the IT Services and Solutions space in the North American market, Thomas Cook said in a BSE filing.

"IKYA, a subsidiary of Thomas Cook, entered into a definitive agreement on November 3, 2014 with Fairfax Financial Holdings Ltd to acquire 49 per cent stake in MFXchange Holdings, Inc (MFX), a wholly owned subsidiary of Fairfax," the company said.

Thomas Cook has also appointed Vikram Gulati as President of GTS Group.

"Vikram will be responsible for both strategic and operational aspects of the IT business. He will report to Ajit Isaac, MD and Chairman IKYA Group and will be based out of New Delhi," the company added.