MakeMyTrip Limited Announces Acquisition of Majority Interest in ITC Group

  MakeMyTrip Limited Announces Acquisition of Majority Interest in ITC Group

PR Newswire

NEW DELHI and NEW YORK, Nov. 26, 2012

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

Website: http://MakeMyTrip.com
 
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