CCI clears MakeMyTrip, ibibo Group merger
The Competition Commission of India (CCI) has approved MakeMyTrip’s acquisition of rival, ibibo Group, according to documents filed by Nasdaq-listed MakeMyTrip to US Securities and Exchange Commission
On January 20, 2017, ibibo Group Holdings (Singapore) Pte. Ltd. (ibibo Group) received a letter from the Competition Commission of India stating that the proposed combination of MakeMyTrip and ibibo Group has been approved by the Commission
The deal will bring all brands of the Ibibo Group such as Goibibo, redBus, Ryde and Rightstay under MakeMyTrip.
Together, Ibibo and MakeMyTrip processed 34.1 million transactions in 2015-16
MakeMyTrip founder Deep Kalra will remain group chief executive and executive chairman of MakeMyTrip Group and co-founder Rajesh Magow will remain chief executive of MakeMyTrip’s India business.
Founder and chief executive of ibibo Group, Ashish Kashyap, will join MakeMyTrip’s executive team as a co-founder and president of the organization.