NEW DELHI and NEW YORK, Nov. 26, 2012 /PRNewswire/
-- MakeMyTrip Limited (Nasdaq:MMYT), India's leading online travel company and the
parent company of MakeMyTrip (India) Private Limited and
MakeMyTrip.com Inc. today announced that it acquired an
effective majority equity interest in a group of companies known as
the "ITC Group". 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 will also 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.
ITC Group is a well-established hotel aggregator and tour
operator for Thailand. The
ITC Group has relationships with a number of hotels and other local
vendors in Thailand to provide
hotel reservations, excursion tours and other travel related
services for inbound and outbound travellers in Thailand and the South East Asia region. 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.
Thailand is an important
outbound travel destination from India and has accounted for approximately one
million Indian visitors this year. Airlines in India, including low cost carriers, are
aligning their fleet for direct flights from various cities in
India to Thailand. MakeMyTrip believes that these
developments are positioning travel and tourism to Thailand for strong growth by making travel to
the country easily accessible and affordable to the middle class in
India.
About MakeMyTrip Limited and MakeMyTrip.com
MakeMyTrip Limited (the "Company") is the parent company
of MakeMyTrip (India) Private
Limited, India's largest online
travel company and MakeMyTrip.com Inc. The Company's services
and products include air tickets, domestic and international
holiday packages, hotel bookings, railway tickets, bus tickets, car
hire and facilitating access to travel insurance. Through its
primary website, www.makemytrip.com, and other technology-enhanced
platforms, the company provides access to all major domestic
full-service and low-cost airlines operating in India, all major airlines operating to and
from India, over 10,300 hotels and
guesthouses in India and a wide
selection of hotels outside India,
Indian Railways and several major Indian bus operators.
MMYT-G
For further information, please contact:
Jonathan Huang
MakeMyTrip Limited
Director of Investor Relations
+1 (646) 405-1311
jonathan.huang@makemytrip.com
SOURCE MakeMyTrip Limited