Billionaire Gautam Adani’s Adani Group is buying a stake in online travel aggregator Cleartrip Pvt Ltd as domestic travel rebounds in India after pandemic-led movement restrictions were eased.
Adani Enterprises Ltd, the group’s flagship, has agreed to acquire a “significant minority stake” in Cleartrip for an undisclosed amount, Adani said in an exchange filing on Friday. The transaction is expected to close in November.
The purchase in Cleartrip, part of Walmart Inc-owned Flipkart Group, could give a boost to the port-to-power group’s plans to launch its airport management business alongside SuperApp. The rapidly diversifying Adani Group has emerged as the country’s largest airport operator and has said passenger numbers are close to pre-pandemic highs.
The investment will also enhance the partnership between the Adani Group and the Flipkart Group.
Chairman Gautam Adani said in the statement, “The Cleartrip platform will become an essential part of the wider SuperApp journey we have embarked on. We have a strong relationship with Flipkart that spans multiple dimensions including Data Centre, Fulfillment Center and now Air. Travel.”
Flipkart Online Services Pvt. Signed an agreement with Adani Group in April to build one of the largest retail warehouses in India. Adani Logistics Ltd is building a 534,000-square-foot fulfillment center in Mumbai – roughly the size of 11 football fields – and will lease it to Flipkart, as the latter gears up to gain market share in India’s e-commerce market Is.
The recent deal will also help Adani fight rival conglomerate who are building all-in-one e-commerce apps. India’s Tata group is getting a major digital transformation as it builds one such superapp for its consumer products and services. Mukesh Ambani-controlled rival Reliance Industries Ltd said in July that it would buy a controlling stake in Just Dial Ltd, a local search engine that provides local information and shopping options for everything from catering to dance classes and electronics repair shops. provides.
Adani, who built his empire around coal mining, power and ports businesses before venturing into managing data centers and airports, saw his net worth rise 121% to $74.5 billion in 2021, according to Bloomberg’s Billionaires Index Is.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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