New Delhi (TAN): Chinese travel agency Ctrip has received an approval to acquire 42.5% of outstanding voting shares in Indian online travel company MakeMyTrip from Indian regulator Competition Commission of India (CCI).
“CCI India approves acquisition of additional outstanding voting securities of MakeMyTrip Limited by Ctrip.com International Limited,” the CCI announced on Twitter.
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According to reports, Ctrip will own about half of MakeMyTrip following the acquisition.
The Shanghai-based travel services provider has reportedly acquired the additional stake in the Indian firm in a swap deal with South Africa-based media company Naspers. While Naspers took a 5.6% stake in Ctrip in exchange, the deal valued MakeMyTrip at over USD2.57 billion.
The Chinese firm’s previous stake in MakeMyTrip in January 2016 had come through an investment of USD180 million in convertible bonds.
Chairman and Group Chief Executive Officer of MakeMyTrip, Deep Kalra had said in April that the firm would try to leverage the investment by Ctrip to take advantage of the growth potential in tourism between India and China, reports said.
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