Mumbai :Billionaire Gautam Adani-led Adani Enterprise is planning to enter the online train ticket booking business and challenge the monopoly of the Indian Railway Catering and Tourism Corporation (IRCTC). Adani Enterprise has announced its intention to sell online train tickets and has signed a share purchase agreement to acquire a 100% stake in Stark Enterprises Private Limited, which operates Trainman, an online train booking and information platform.
Adani Digital Labs Private Limited, a wholly-owned subsidiary of Adani Enterprises, will be acquiring the stake in Stark Enterprises. The purpose of the agreement is to outline the terms of the acquisition and the rights, obligations, and other related matters.
Adani Enterprises faced a decline in its share price in February 2023 after a sell-off triggered by a report from Hindenburg Research. However, the company has since been recovering and experienced a significant rise in its share price, reaching around Rs 2,505 apiece by the end of the article.
On the other hand, IRCTC’s share price has been relatively stable since November 2022 but has seen some upward movement in the past month, delivering approximately a 9% return. Recently, IRCTC’s share price broke out at Rs 645 per share level and closed at Rs 666 apiece on the NSE after Friday’s trading session.