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MakeMyTrip announces acquisition of majority interest in ITC Group

REUTERS - MakeMyTrip Ltd (MMYT.O):

- Announces acquisition of majority interest in ITC Group

-ITC Group comprises of International Tour Center Co. Ltd., ITC Bangkok co ltd. and ITC South Co. Ltd

-Paid $2.2 million to existing shareholders for sale of shares in ITC

group, paid $1 million for new shares in the group

-To buy remaining shares of ITC Group from existing shareholders in cash over earn-out period ending December 2016