The Adani Group of India’s second richest businessman Gautam Adani already has a presence from the port to the airport. Now Adani group will step into the field of travelling by train. For this, Gautam Adani’s group is preparing to make a new deal, which will also be the group’s first major deal after the Hindenburg Report came out in January.
Adani Enterprises Gave Information
Gautam Adani’s flagship company Adani Enterprises, gave information about this deal on Friday. The company said it would acquire 100 per cent equity in Stark Enterprises Pvt Ltd. Stark Enterprises operates the online train ticket booking platform, Trainman. This way, the Trainman platform will become part of the Adani group from the deal.
Many Companies Will Get Competition
Adani Enterprises has not yet told what the value of this deal will be, i.e., for how much it will buy Trainman; it is not yet known. However, online train ticket booking companies will get tough competition from this deal. IRCTC is dominant in online train ticket booking. Many other private players, including Trainman, provide the facility to book train tickets online after taking authorization from IRCTC.
Deal Will Be Done Through This Subsidiary
Adani Enterprises has told the stock markets that this deal will be done through its wholly-owned subsidiary Adani Digital Labs. Adani Digital Labs has entered into a share purchase agreement with Stark Enterprises to buy a 100 per cent stake.
Recently Raised Capital
Stark Enterprises is a Gurugram-based startup co-founded by Vineet Chirania and Karan Kumar of IIT Roorkee. The company recently raised $1 million in a funding round. A group of US investors, including Goodwater Capital and Heim Angels, participated in the funding round.
Adani Group Was Removed From Many Deals
This deal also becomes very important for the Adani group, as it will be its first major deal after the report of Hindenburg Research in January. The Hindenburg report had caused huge losses to the Adani group. Due to this, the Adani group had to step back from several proposed deals.
