SHANGHAI, Jan. 7, 2016 /PRNewswire/ -- Ctrip.com
International, Ltd. (NASDAQ: CTRP) ("Ctrip") today announced that
it will invest US$180 million in
MakeMyTrip Limited (NASDAQ: MMYT) ("MakeMyTrip") , India's largest online travel company, via
convertible bonds. In addition, MakeMyTrip
has granted Ctrip permission to acquire MakeMyTrip shares in the
open market, so that combined with shares convertible under the
convertible bonds, Ctrip may beneficially own up to 26.6% of
MakeMyTrip's outstanding shares. Upon completion of the investment,
Ctrip will acquire the right to appoint a director to the
MakeMyTrip board of directors.
Deep Kalra, Founder and Group CEO, MakeMyTrip said, "We are delighted to have Ctrip
invest in us. Ctrip is the dominant market leader in the online
travel market in China. We believe
there are many similarities in the Indian and Chinese online travel
markets and we expect this strategic relationship between two
market leaders to be mutually beneficial."
"Today's announcement marks the beginning of the
strategic relationship between Ctrip and MakeMyTrip. Through
this transaction, Ctrip has now gained exposure to India's fast growing online travel market,"
said James Liang, Co-founder,
Chairman, and CEO of Ctrip.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service
provider of accommodation reservation, transportation ticketing,
packaged tours, and corporate travel management in China. It is the largest online consolidator
of accommodations and transportation tickets in China in terms of transaction volume. Ctrip
enables business and leisure travelers to make informed and
cost-effective bookings by aggregating comprehensive travel related
information and offering its services through an advanced
transaction and service platform consisting of its mobile apps,
Internet websites and centralized, toll-free, 24-hour customer
service center. Ctrip also helps customers book vacation packages
and guided tours. In addition, through its corporate travel
management services, Ctrip helps corporate clients effectively
manage their travel requirements. Since its inception in 1999,
Ctrip has experienced substantial growth and become one of the
best-known travel brands in China.
For further information, please contact:
Investor Relations
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12300
Email: iremail@ctrip.com
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SOURCE Ctrip.com International, Ltd.