Yatra Online Ltd. had entered into a definitive agreement to acquire a complete stake in Globe All India Services Ltd. for Rs 128 crore.
Through this acquisition, the travel services provider will obtain Globe Travel's robust portfolio of around 360 corporate customers and annual gross bookings of approximately $90 million, according to an exchange filing on Tuesday.
"This acquisition aligns with our strategy to deepen our presence in key verticals and markets while further strengthening our corporate travel and MICE (meetings, incentives, conferences, and exhibitions) capabilities," according to Dhruv Shringi, co-founder and chief executive officer of Yatra.
"Globe Travels' expertise in corporate travel and MICE and outstanding service record complement Yatra's existing offerings, allowing us to provide an even more comprehensive and tailored travel experience to our clients across India," he said.
Shares of Yatra Online closed 6.04% lower at Rs 140.85 apiece, compared to a 0.01% fall in the benchmark BSE Sensex.
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