MakeMyTrip acquires Thai travel firm
Indian online travel company, MakeMyTrip, has acquired a majority stake in Bangkok-based tour company, ITC Group.
The deal will see MakeMyTrip pay US$2.2 million to ITC’s existing shareholders for the sale of their shares, plus a further US$1m for new shares in the Thai company.
ITC Group currently provides hotel reservations, tours and other travel-related services for inbound and outbound travellers in Thailand and Southeast Asia. MakeMyTrip said the acquisition would help it expand its presence in Thailand, which it described as a “key market” for its outbound business.
“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,” the company said in a statement.