UP TO 10 bidders are vying for the Indian currency exchange business being sold by Thomas Cook, the beleaguered holiday company.
Travelex, the British foreign money provider, and Carlyle and KKR, the American buyout firms, are the best-known bidders.
Thomas Cook is trying to sell its 77% stake in the lucrative Indian operation to raise much-needed cash. The business is listed in Mumbai and has a market value of £167m.
Any proceeds from the sale would add to the £200m Thomas Cook had earlier said it would raise from selling non-core assets such as hotels and office blocks. It is also considering larger-scale sell-offs as part of a strategic review overseen by Frank Meysman, its new chairman. Analysts believe the most likely business to go is Condor, its German airline.
Other candidates for sale include Thomas Cook’s strongly performing Scandinavian arm, but no decision on any larger disposals is likely to be reached until a new chief executive is appointed. Thomas Cook declined to comment.