The leading international leisure travel group, Thomas Cook Group Plc is eyeing to boom in the travel sector.

The company is planning to get bigger in emerging markets by buying 54.9 percent stake in its domestic unit, Thomas Cook India Ltd (TCIL) from Dubai Financial, which values the deal at about Rs 950 crore, and a further holding of as much as 20 per cent in an open offer at a price of Rs 107 a share.

The open offer is expected by May-June.

As a result of this transaction Thomas Cook will acquire between 61.80 per cent and 74.90 per cent of TCIL’s share capital, the price of which will range from Rs 1,061 crore to Rs 1,312 crore.

Manny Fontenta-Novoa, chief executive of Thomas Cook Group Plc, said, “Adding what is one of India’s largest travel and financial services businesses to our portfolio will allow us to take full advantage of the growth prospects that this market offers and fully supports our strategy of entering emerging markets and expanding our financial services businesses.”

Thomas Cook Plc is Europe’s second-biggest travel firm, created last year from the tie-up of German group Arcandor’s travel unit and Britain’s MyTravel.

Thomas Cook India has two businesses in India: travel and foreign exchange. The company had bought Travel Corporation India, the Mumbai-based travel company and LKP Forex, a foreign exchange company, in 2006, for a combined deal size of Rs 450 crore.

By offering local travels a wider variety of Europeans destination, Thomas Cook Plc can boost the Indian division’s sales more quickly than Dubai Financial.

The company will also buy Thomas Cook branded businesses in Egypt and licences for the Thomas Cook brand in 15 West Asian countries.

Further, Thomas Cook Group said that it will also buy back businesses in the Middle East, which were sold two years ago when the group was owned by Germany's KarstadtQuelle AG.