Online travel aggregator EaseMyTrip plans to venture into the hospitality business. The board has approved the proposal to open a five-star hotel in Ayodhya, near the Ram Temple, which was inaugurated on January 22 by Prime Minister Narendra Modi. The ceremony was attended by senior leaders of the ruling party and the state guest list had who's who of India Inc, entertainment and sports, and personalities from other walks of life.
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 5-star hotel in Ayodhya which is less then 1Km from Shree Ram Mandir through an investment of an amount of up to ₹100 crores in Jeewani Hospitality Private Limited, a company under incorporation for 50% 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."
EaseMyTrip CEO and co-founder Nishant Pitti said on X (former Twitter) Sunday: "..we have greenlit a groundbreaking proposal to venture into the hospitality sector with the establishment of a luxurious 5-star hotel in Ayodhya, strategically located less than 1 km from the revered Shree Ram Mandir. This decision marks a significant investment milestone of up to Rs 100 crore in Jeewani Hospitality Pvt Ltd, the entity spearheading this ambitious project."
"By leveraging EaseMyTrip’s expertise in the travel and tourism industry, coupled with Jeewani Hospitality’s commitment to excellence in hospitality, the venture is poised to set new standards in luxury accommodation in Ayodhya," he added.
EaseMyTrip reported a 9.6 increase in net profit at ₹45.6 crore in the December quarter of FY24 up from ₹41.69 crore during the same period a year ago on the back of robust growth in travel demand.