EaseMyTrip is all set to launch a five-star hotel in Ayodhya, close to the vicinity of Ram Temple.
The traveltech platform received an in-principle approval from its board for a Joint Venture (JV). The firm will commit as one of the JV partners, in Jeewani Hospitality, the entity super heading the project under incorporation.
The company said in a statement, “The Board of Directors (“Board”) of Easy Trip Planners Limited (“Company”) in its meeting held today, i.e., on February 11, 2024, has, inter alia considered and in-principally approved the proposal to open a five-star hotel in Ayodhya which is less then 1Km from Shree Ram Mandir through an investment of an amount of up to Rs 100 crore in Jeewani Hospitality Private Limited, a company under incorporation for 50 per cent of the aggregate share capital of the said company on a fully diluted basis through swap i.e., fresh issuance of the Company’s own equity shares on preferential basis.”
In a filing with the exchanges, the firm said, “This investment will represent 50 per cent of the total paid-up share capital of the JV Company on a fully diluted basis through equity swap, once finalised.”