CCI approves Chinese major Ctrip's stake purchase in MakeMyTrip

The Competition Commission of India (CCI) has approved the acquisition of additional shares of MakeMyTrip (MMT) by Chinese travel major Ctrip.com International.

According to notice submitted by the parties to fair trade regulator, the transaction relates to the acquisition of approximately 42.52 per cent equity stake of MMT by Ctrip from MIH Internet Sea Private Limited, owned by South African internet firm Naspers.

Post-transaction, Ctrip.com -- an existing stakeholder in MMT -- will increase its stake in the Indian travel company to 49 per cent.

In a tweet, the CCI on Tuesday said it "approves acquisition of additional outstanding voting securities of MakeMyTrip Limited by Ctrip.com International Limited".

In April, Naspers had said that it will exit MakeMyTrip by selling its entire shareholding to Ctrip.com International.

Naspers will get a 5.6 per cent stake in Ctrip.com International for selling its stakeholding in MakeMyTrip, the former had said.

Combinations (mergers and acquisitions) beyond a certain threshold require clearance from the CCI.