The Competition Commission of India (CCI) has approved the acquisition of additional shares of MakeMyTrip (MMT) by Chinese travel giant Ctrip.com International.
According to the notice submitted by the parties to fair trade regulator, the transaction relates to the acquisition of approximately 42.52 percent 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 percent.
In a tweet, the CCI said it "approves the 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.
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