INDIA-based OTA MakeMyTrip purchased on May 9 a 79 per cent stake in Singapore-based Luxury Tours & Travel as part of its South-east Asia expansion plans.
As per the Share Purchase Agreement with Luxury Tours & Travel and its existing shareholders signed on February 9 this year, the initial purchase consideration was approximately US$3 million in cash.
MakeMyTrip will acquire the existing shareholders’ remaining shares over a three-year period ending June 2014.
Luxury Tours & Travel, a Singapore-registered and licensed travel agency started in 1985, provides hotel reservations, excursion tours and coach services to inbound and outbound travellers in Singapore and the region.
Amit Saberwal, MakeMyTrip’s senior vice president of retail and business development, moved to Singapore about a month ago to grow the company’s footprint in the region.
– Read more in TTG Asia, May 27 issue