Thomas Cook India Ltd. has entered into an agreement with Atirath Technologies Pvt. to form a joint venture under the name Indian Horizon Marketing Services Ltd.
The proposed JV firm will develop a suite of proprietary intellectual property for the travel domain utilising artificial intelligence in India, according to exchange filings on Monday. It will carry out its operations in India.
Currently, Indian Horizon Marketing Services is a wholly owned subsidiary of Thomas Cook, but after the joint venture agreement is executed, it will become a 50:50 joint venture company, the filings said. Also, the company is authorised to issue shares up to a total value of Rs 3 crore.
The JV partners will have equal participation in the board of directors of the company, along with having decision-making power in the management and operations of the joint venture entity.
Shares of Thomas Cook India closed 1.17% higher at Rs 203.10 apiece, compared to a 1.49% decline in the benchmark BSE Sensex. The stock has risen 70.59% in the last 12 months and 49.28% year-to-date. The relative strength index was 41.53.
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