MakeMyTrip to Buy Flamingo Transworld Stake as India Holiday Package Travel Grows
MakeMyTrip said Thursday it will acquire a majority stake in Flamingo Transworld, a regional tour operator, with no price disclosed and deal closing pending. Flamingo operates mainly in Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh through 51 offices. MakeMyTrip’s hotels and packages revenue rose 9.7% last quarter to $161.4 million, while air ticketing fell. Net profit for the quarter dropped to $7.3 million from $27.1 million.