Adani Enterprises stated on Friday that it has purchased a “substantial” minority share in Cleartrip Private Limited, an online travel aggregator (OTA) and a subsidiary of the Flipkart Group.
Subject to customary closing conditions, the transaction is scheduled to close in November 2021.
“As the travel sector in India undergoes a rebound, the Adani Group and the Flipkart Group will benefit from synergies that will bring improved travel experiences to consumers through this investment… Cleartrip will be able to “cross digital borders and deliver end-to-end travel services online” as a result of the cooperation, according to a statement from the Gautam Adani-led company.
Cleartrip will also function as the Adani group’s online partner as part of the deal.
“We have a strong developing relationship with Flipkart that spans multiple dimensions, including data centres, fulfilment centres, and now air travel,” Gautam Adani, Chairman of the Adani Group, said, adding that the Cleartrip platform “will become an essential part of the broader SuperApp journey we have embarked on.”
“At the Flipkart Group, we are committed on delivering experiences for consumers and giving chances to help them fulfil their dreams,” stated Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group. Cleartrip will continue to focus on providing convenient and flexible travel experiences for its consumers as travel ramps up in the coming months. We want to strengthen our partnership with the Adani Group, and we’ll look for methods to increase our consumer services by leveraging their country’s substantial transport infrastructure.”
On the BSE, Adani Enterprises’ shares closed 2.19 percent higher at 1,423.50 per share on Friday.
