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MakeMyTrip acquires majority stake in Thai hotel aggregator ITC Group for $3.2 mn

NASDAQ-listed MakeMyTrip Limited (MMYT) has acquired an
effective majority equity interest in Thai hotel aggregator comprising a group
of companies known as the ITC Group for $3.2 million. ITC Group is a hotel
aggregator and tour operator for Thailand and the company comprises of
International Tour Center Co Ltd, ITC Bangkok Co Ltd and ITC South Co Ltd.

NASDAQ-listed MakeMyTrip Limited (MMYT) has acquired an
effective majority equity interest in Thai hotel aggregator comprising a group
of companies known as the ITC Group for $3.2 million. ITC Group is a hotel
aggregator and tour operator for Thailand and the company 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 $2.2 million to the
existing shareholders for the sale of their shares in the ITC Group and paid $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.

This is the second deal for MakeMyTrip this
month after it had made a complete stake acquisition of ‘Hotel Travel Group’
(HT Group), which operates the website HotelTravel.com in Thailand, Singapore
and Malaysia.

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