Adani Enterprises Limited, through a regulatory filing with the BSE dated 16th June 2023, informed that Adani Digital Labs Private Limited, a wholly-owned subsidiary of the company, has signed a Share Purchase Agreement (SPA) with ‘Stark Enterprises Private Limited’, also known as Trainman, pertaining to a 100 percent acquisition in the same. The target company is an online platform for train booking and information.
The Indian Railway Catering and Tourism Corporation (IRCTC), replying to the same, said that it will not be bothered by the moves made by the conglomerate since Trainman itself is an IRCTC-authorised train ticket booking agent.
In an E-mail conversation with another news publisher, Trainman said that the development that has taken place will, in no way, hit IRCTC’s online train ticket booking business. Thus, Adani Enterprises buying a stake will not break IRCTC’s monopoly.
A Trainman spokesperson mentioned, “Trainman is an IRCTC authorised train ticket booking agent. We are in no way challenging IRCTC or contending with them. We work with them and it is because of IRCTC that online train ticketing exists”.
ICICI Direct also tweeted and had a say about the same.
The shares of Adani Enterprises Limited closed in the red today at Rs 2,401.40. In the last couple of hours, the stock prices dragged down and closed with a downfall of around 4.30 percent compared to the previous closing levels of Rs 2,509.60.
Written by Amit Madnani
