Top News

MakeMyTrip acquires 79% stake in Singapore-based Luxury Tours & Travel for $3 million

Gurgaon-based online travel company MakeMyTrip has acquired 79 per cent stake in Singapore-based travel agency Luxury Tours & Travel for $3 million. MakeMyTrip now plans to invest $0.75 million in LTT by June 2012. MakeMyTrip also plans to acquire the remaining shares in LTT, in three tranches, by the end of June 2014. According to MakeMyTrip, the payment under each such tranche will be made in cash, based on valuations linked to actual profitability of LTT.

Gurgaon-based online travel company MakeMyTrip has acquired 79 per cent stake in Singapore-based travel agency Luxury Tours & Travel for $3 million. MakeMyTrip now plans to invest $0.75 million in LTT by June 2012. MakeMyTrip also plans to acquire the remaining shares in LTT, in three tranches, by the end of June 2014. According to MakeMyTrip, the payment under each such tranche will be made in cash, based on valuations linked to actual profitability of LTT.

Luxury Tours & Travel is engaged in the business of providing hotel reservations, excursion tours and other related services to inbound and outbound travellers in Singapore and the region. The company is believed to have built strong relationships over the years with a large number of hotels and with vendors for other inbound tourism services in the region, in addition to establishing a loyal base of customers.

Deep Kalra, chairman and CEO, MakeMyTrip, has said, “The acquisition is a major strategic move for MakeMyTrip, since it broadens our presence in other emerging markets beyond India. South East Asia region is a highly popular destination of choice for Indian travellers and among the biggest and fastest growing markets for our outbound tours and packages business. Through this acquisition, MMYT intends to build a position of strength in the region through strong relationships with local hotels. We also believe a stronger local presence would enable us to deliver greater value and enhanced customer service to our customers.”

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close