India’s online travel aggregator EaseMyTrip, has acquired a non-controlling stake of about 13% in Eco Hotels and Resorts Limited in a share swap deal to enter the hotel and hospitality industry.
“The company’s investment in equity shares of Eco Hotels India Private Limited is swapped with equity shares of Eco Hotels and Resorts Limited in the ratio of 1:1 and the company has acquired 40,00,000 equity shares of INR 10 each of Eco Hotels and Resorts Limited, issued on preferential basis,” said EaseMyTrip in a statement.
The primary objective of the strategic investment in Eco Hotels is to acquire a minority interest and promote environmentally friendly practices within the hospitality sector.
All the hotels operated by Eco Hotels will be carbon net zero hotels, claimed EaseMyTrip.
Commenting on the acquisition, Nishant Pitti, cofounder and CEO, EaseMyTrip, said that the strategic decision reflects the online travel aggregator’s commitment to sustainable and responsible business practices. “Our choice to invest in stakes aligns with our vision to contribute positively to the growth of eco-friendly and green hotels. This investment marks another milestone in our journey to diversify our portfolio and enhance the travel experiences we offer to our customers,” said Pitti.
Speaking about the stake acquisition, V K Tripathi, Executive Chairman, Eco Hotels and Resorts, said, “This is not just a business decision; it’s a calculative move towards expanding our horizons and presenting guests with an elevated, Eco conscious and luxurious experience that aligns seamlessly with our commitment to a greener and more sustainable future.”