India's leading online travel company MakeMyTrip has acquired 79 per cent stake in Singapore-based travel agency Luxury Tours & Travel for $3 million. MakeMyTrip now plans to invest $0.75 million in LTT by June 2012. MakeMyTrip also plans to acquire the remaining shares in LTT, in three tranches, by the end of June 2014. The payment under each such tranche will be made in cash, based on valuations linked to actual profitability of LTT.
Luxury Tours & Travel is engaged in the business of providing hotel reservations, excursion tours and other related services to inbound and outbound travellers in Singapore and the region. The company is believed to have built strong relationships over the years with a large number of hotels and with vendors for other inbound tourism services in the region, in addition to establishing a loyal base of customers.
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