Thomas Cook (India) has signed an agreement with Kuoni Group to acquire the latter’s travel businesses across India and Hong Kong in entirety for Rs 535 crore.

Thomas Cook (India) will take on all of the approximately 1,800 employees of Kuoni’s business unit in India and Hong Kong tour operating, and will continue to run the business activities as an independent company as part of the transaction, Thomas Cook India said, adding that the transaction remains subject to regulatory approvals.

 “Our acquisition of Kuoni’s tour operating and retailing businesses in India and Hong Kong, as well as the Indian inbound business reaffirms our belief in the India market potential, as also our strategic intent to explore viable geographies, including the larger Asia opportunity,” Prem Watsa, Chairman and Chief Executive Officer of Fairfax Financial Holdings, the controlling shareholder of Thomas Cook (India) said.