Regulator approves Ctrip’s 42.5 percent stake in MakeMyTrip
India’s anti-trust regulator has approved the 42.5% stake in MakeMyTrip by Chinese online travel giant Ctrip.
The Competition Commission of India gave the go-ahead after Ctrip agreed a swap deal with MMT backer Naspers.
South Africa-based Naspers takes a 5.6% stake in Ctrip in exchange.
The deal values MakeMyTrip at more than US$2.5 billion.
Ctrip now holds almost half of MMT.
The Chinese company bought an intial stake in MMT for about $180 million in convertible bonds back in January 2016.
Deep Kalra, chairman and group CEO of MMT said the deal will pave the way for more cooperation between the two companies, and boost tourism between China and India.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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