Thomas Cook to Sell its Indian Arm; Shares Up

Shares in Thomas Cook India rose more than 2 percent on Thursday after a report said its UK parent has decided to sell the Indian arm to raise money to help the travel firm's troubled global operations.

Royal Bank of Scotland will find a buyer for Thomas Cook India after the two foreign founders pledged their entire holding in the Indian arm with the British bank on Wednesday, the Economic Times said, citing unnamed industry sources.

Company officials did not answer a phone call by Reuters.

At 9:16 a.m. (0347 GMT) shares in Thomas Cook India were up 2.31 percent at 33.15 rupees in BSE Sensex.