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Tour operator Thomas Cook is buying back its India business, which it sold two years ago to Dubai Financial, for between €208 million (£159 million) and €249 million (£190 million).

Thomas Cook is buying 74.9 per cent of shares in Thomas Cook India and 100 per cent of its business in Egypt, as well as licences for its brands in 15 Middle East countries.

The UK-based travel firm said the controlling stake in the India business, which is the largest foreign exchange and second largest travel company in the country, will make it a leader in one of the fastest growing travel markets.

Chief executive Manny Fontenla-Novoa said: "Thomas Cook has a long and enviable history in India dating back to the 1880s and the brand name has become one of the country's best known.

"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 the fast developing emerging markets and expanding our financial services businesses."

As a consequence of buying back the licences for its name in the Middle East, the company will now have exclusive ownership of the Thomas Cook brand worldwide.

Thomas Cook India (TCIL) employs about 2,500 staff with a total retail network of about 180 outlets across 40 cities.

In the last two years, TCIL has significantly expanded its business and strengthened its market position by acquiring LKP Forex, its largest competitor in the foreign exchange business, and Travel Corporation of India, an inbound operator.

Shares in TCIL rose five per cent on the National Stock Exchange of India on market opening to INR88.55 (£1.08).