Saturday, October 30, 2021

A travel boom is looming and Gautam Adani wants to be ready for it

Billionaire Gautam Adani’s Adani NSE 1.79 % Group is buying a stake in online travel aggregator Cleartrip Pvt Ltd. as domestic travel rebounds in India after pandemic-led movement curbs were eased.

Adani Enterprises Ltd., the group’s flagship, has agreed to acquire a “significant minority stake” in Cleartrip for an undisclosed sum, Adani said in an exchange filing. It expects the transaction to close in November.

Buying into Cleartrip, part of the Walmart Inc.-owned Flipkart Group, could boost the port-to-power conglomerate’s plans to roll out a superapp as well its airport management business. The rapidly diversifying Adani Group has emerged as the country’s largest airport operator and said the number of passengers is nearing pre-pandemic highs.

The investment will also enhance the partnership between the Adani Group and the Flipkart Group, it added.

“The Cleartrip platform will become an essential part of the broader SuperApp journey we have embarked upon,” Chairman Gautam Adani said in the statement. “We have a strongly developing relationship with Flipkart that spans multiple dimensions including data centers, fulfillment centers and now air travel.”

Flipkart Online Services Pvt. signed a pact with the Adani conglomerate in April to build one of the largest retail warehouses in India. Adani Logistics Ltd. is building a 534,000-square-feet fulfillment center -- roughly the size of 11 football fields -- in Mumbai and will lease it to Flipkart, as the latter braces to gain market share in India’s e-commerce market.

30/10/21 Bloomberg/Economic Times

To Read the News in full at Source, Click the Headline


Post a Comment