fosun | Pixr8 News

Chinese conglomerate Fosun acquired Thomas Cook brand for 11 million pounds (USD 14.2 million), weeks after the renowned British travel group went bust and left hundreds of thousands of holidaymakers stranded abroad. Thomas Cook's demise in September sparked 22,000 job losses worldwide and triggered Britain's biggest repatriation since World War II, with the government paying to fly home 140,000 tourists. The 178-year-old British institution declared bankruptcy in September after an attempt to secure USD 250 million from private investors fell through. Hong Kong-listed Fosun, which was already the biggest shareholder in Thomas Cook and also owns France-based resort giant Club Med, had backed out of the eleventh hour deal to keep the debt-plagued company afloat. Fosun will now t...

What we will say, Is this Narendra modi effect or what but China's one of the largest search engine Baidu and one of the country's biggest private conglomerates Fosun are scouting to invest in Indian startups, joining compatriots from the Middle Kingdom eager to profit from the opportunities in the world's fastest-growing major economy. Investment managers from both companies are in talks with Indian venture capitalists and start-ups for potential funding deals, two people directly aware of the development told ET. Taiwan's Foxconn is also an investor in Snapdeal along with Japan's SoftBank. "They (Baidu and Fosun) have been having conversations about specific opportunities — the startup names include niche e-commerce firms as well as some in the enterprise space," said a second source....

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Fosun buys Thomas Cook brand for $14.2 Million

China’s big tech companies backs Indian startups