Thomas Cook India and LTIMindtree are coming to Cyprus

Thomas Cook India, a leading travel company based in Mumbai offering a wide range of services, and LTIMindtree, a Mumbai-based technology giant, will announce the official opening of offices in Cyprus this afternoon.

The companies’ decision has been welcomed by the CEO of Invest Cyprus, Marios Tannousis, and the President of the Cyprus-India Business Association, Chrysilios Pelekanos.

Marios Tannousis: Our effort is taking shape

“The announcement of the anticipated investments is of utmost importance for Cyprus in terms of the investment dimension of Cyprus–India relations, and we certainly welcome this development. It will further facilitate the arrival of new investments in Cyprus, as well as the strategic cooperation between the two countries across various sectors of the economy,” Tannousis told InBusinessNews. "As Invest Cyprus, together with our partners—the Cyprus-India Business Association and the India-Greece-Cyprus Business & Investment Council (IGC)—we have been working for months to prepare for this event."

• Read more: Invest Cyprus confirms dynamic participation in the new India-Greece-Cyprus Business & Investment Council

He explained that the effort "began in India, when last September we participated as official guests at the India Mediterranean Business Conclave 2024. There, initial discussions took place, which were followed by the establishment of the IGC Business & Investment Council, whose purpose is to further strengthen the business and investment ties among the three countries".

And thanks to the government and ministries’ support, the effort is now taking shape, he concluded.

• Read more: Upcoming events in Mumbai to highlight Cyprus-India business opportunities

The Eurobank connection

The arrival of two companies of such scope indicates that the government’s efforts to boost business ties with India – and more importantly, turn the island into a gateway for Indian companies to Europe – are bearing fruit. And of course, it gives an additional boost to the country’s image as a key investment destination.

• Read more: Eurobank to acquire 100% of Hellenic Bank - CySEC approves squeeze-out

This is a goal which, beyond being a high priority for the state and the relevant institutional bodies—such as Invest Cyprus and the Cyprus-India Business Association—is also a key pillar of the strategy under which Eurobank S.A. invested in strengthening its presence on the island through the full acquisition of Hellenic Bank. That is, to turn Cyprus into a gateway to the European Union for companies from India as well as the Middle East.

It is worth noting the forthcoming decision by Eurobank to open a representative office in Mumbai, through which—among other objectives—the group aims to further strengthen its ties with India and facilitate entrepreneurs and investors seeking to expand their activities to and from the country.

Event tomorrow to launch India-Greece-Cyprus Business Council in Limassol

Meanwhile, last February, the India-Greece-Cyprus Business Council (IGC) was inaugurated in Mumbai, marking an important step toward strengthening economic ties among the three countries. The ICG launches officially in Cyprus tomorrow, 16 May, at Amathus Beach Hotel in Limassol with the participation of government officials and business leaders from India, Greece and Cyprus.

• Read more: Honorary Consul Viraj Kulkarni: Cyprus has significant untapped potential in its relationship with India

The IGC, as a landmark initiative following the signing of an MoU between Eurobank and the Indian Chamber of Commerce (ICC) in September 2024, aims to accelerate trade, investment, and strategic cooperation across various sectors—such as infrastructure, shipping, technology, financial services, and SMEs—while also creating a strong platform for businesses from the three countries to collaborate and thrive.

Tangible results: Indian corporate giants opening office in Cyprus

The results of all these efforts are tangible: prominent Indian companies have already decided to open offices in Cyprus.

Which brings us back to Thomas Cook India and LTIMindtree. Relevant announcements will be made this afternoon by the two companies, which are directly linked through shareholding (essentially owned) by Fairfax Financial Holdings (i.e. the main shareholder of Eurobank S.A.).

Thomas Cook to begin operations in Cyprus through TCI EURO

Thomas Cook India, a leading travel company based in Mumbai, offers a wide range of services, including foreign exchange, corporate travel, MICE (Meetings, Incentives, Conferences, Exhibitions), and leisure travel.

The company is opening an office and is set to begin operations in our country through TCI EURO (Travel Circle International Cyprus Ltd), with more details about the nature of its operations expected to be announced today during the related event by Sanjay Tugnait (President & CEO, Fairfax Digital) and Indiver Rastogi (President & Group Head, Global Business Travel, Thomas Cook India Ltd).

As stated in a recent interview with InBusinessNews by the President of the Cyprus-India Business Association, Chrysilios Pelekanos, the company’s decision to establish its presence in Cyprus is part of a broader strategy to expand its operations within the European Union.

• Read more: Chrysilios Pelekanos: "One of India's largest travel agencies has made Cyprus its European base"

LTIMindtree to launch AI Centre in Cyprus

LTIMindtree, a leading technology giant based in Mumbai, is also announcing this afternoon (15 May) its entry and commencement of operations in Cyprus.
LTIMindtree is launching a new Artificial Intelligence (AI) and digital technology centre at the CYENS Centre of Excellence in Nicosia, through which it will implement advanced digital solutions for Eurobank, Fairfax, and other clients in the EU.
It is an Indian multinational digital services and IT consulting company, established in 2022 through the merger of two major technology firms—Larsen & Toubro Infotech and Mindtree."

Chrysilios Pelekanos: These are extremely positive developments that we certainly welcome

"The attraction of two leading organisations in their respective fields in India—LTIMindtree in the field of technology and Artificial Intelligence (AI), and Thomas Cook India in the tourism sector—is an extremely positive development for Cyprus, fully aligned with the efforts and key economic pillars the Cypriot government aims to develop," Chryssilios Pelekanos stated to InBusinessNews.

"These are extremely positive developments that we certainly welcome," he added.

He described the developments as "a reward for the recent efforts to attract Indian businesses to Cyprus, and the result of a coordinated initiative involving the state and various institutional bodies participating in this endeavour."

"We are completely satisfied with this outcome," he stated.

When asked whether more such moves from Indian companies should be expected, Pelekanos explained that "our efforts to attract more Indian businesses are ongoing. We are currently in discussions with other companies in strategic sectors."

In this context, Pelekanos clarified that "these sectors are fully aligned with the economic strategy the country wishes to pursue, so we hope to see more positive developments soon."

When asked for more details, he noted that "the sectors include technology—since we want to transform Cyprus into a base for this field—and also companies interested in investing in Research & Development (R&D), the pharmaceutical industry, or other areas such as Renewable Energy Sources (RES)."