For Quick Alerts
For Daily Alerts

    MakeMyTrip acquires Thai-based ITC Group company

    MakeMyTrip acquires Thai-based ITC Group company
    ITC: Quotes, News
    BSE 302.95BSE Quote1.4 (-0.46%)
    NSE 301.80NSE Quote2.6 (-0.86%)
    MakeMyTrip Limited, India's leading online travel company today announced that it has acquired an effective majority equity interest in Thai-based hotel of ITC Group company. 

    The ITC Group comprises of International Tour Center Co. Ltd., ITC Bangkok Co. Ltd. and ITC South Co. Ltd.

    Pursuant to the transaction documents signed with the ITC Group and its existing shareholders, MakeMyTrip paid USD 2.2 million to the existing shareholders for the sale of their shares in the ITC Group and paid USD 1 million for subscription of new shares in the ITC Group.

    MakeMyTrip also said that it will acquire the remaining shares of the ITC Group from the existing shareholders in cash, payable in four tranches, over an earn-out period ending December 2016, at such price based on valuation linked to the future profitability of the ITC Group.

    The acquisition will help MakeMyTrip further expand its presence in Thailand, a key market for its outbound holidays business, by establishing more direct hotel relationships in the country, added further.

    Read more about: makemytrip itc
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more