Travel services firm Thomas Cook (India) Ltd announced on Tuesday (March 24) that its board has approved a supplemental agreement with Atirath Technologies Private Ltd to invest in Indian Horizon Marketing Services Ltd, their joint venture focused on co-developing a travel AI platform. According to reports from CNBC TV18, the decision was taken by the sub-committee of the company's board today.
Under the new agreement, Thomas Cook will continue to hold a 50% stake in the joint venture, with Atirath retaining the remaining 50%. As reported by CNBC TV18, the joint venture will operate exclusively in India, and all terms of the original September 30, 2024, agreement remain in force, including equal board representation and decision-making rights for both partners.
The fresh subscription amount from Thomas Cook will be directed toward the development of proprietary AI-based travel solutions. According to CNBC TV18, Indian Horizon Marketing Services Ltd has an authorised capital of ₹9.96 crore. The transaction is classified as a related-party deal at arm's length, with Thomas Cook as an associate of the joint venture, while Atirath has no connection to the company or its promoters.
The joint venture aims to enhance the Thomas Cook Group's travel offerings by leveraging artificial intelligence to develop specialised intellectual property for the travel domain. As reported by CNBC TV18, this initiative aligns with the company's broader digital transformation strategy in the travel services sector.
Shares of Thomas Cook (India) Ltd ended at ₹95.15, up by ₹1.60, or 1.71%, on the BSE following the announcement. According to CNBC TV18, this positive market response reflects investor confidence in the company's strategic technology investments and growth initiatives.
