Tourism sector giant, Thomas Cook is planning to sell its stake in its Indian operations under a new programme to sell its non-core assets in order to reduce debts.

The company said that it is inviting bids for its 77.1 per cent shareholding in the Indian unit, Thomas Cook India. The UK giant's Indian company has been profitable and has recorded strong growth over the years.

Thomas Cook India managing director Madhavan Menon has rubbished reports suggesting a sale of stake by the parent company as mere speculations last month. He did not comment on the move to sell stake by the UK based firm due to the silence ahead of the upcoming financial results.

The company's 7 per cent shareholding were valued at around Rs 879 crore on Wednesday. The company has been present in the country since as early as 1881. te company has a market share of 60 per cent in the foreign exchange business in the country.

Cox & King's, Japan Tourism Bureau, forex player Travelex, and private equity firm Carlyle have reportedly expressed interest in buying the controlling stake in the company.