Background
On August 20, 2019, CCI approved the acquisition of additional
42.52% outstanding voting securities of MakeMyTrip Limited
('MMT') from MIH Internet Sea Private
Limited ('MIH') by Ctrip.com International
Limited ('Ctrip').1 As purchase
consideration, Ctrip proposes to issue approximately 5.6% of
Ctrip's outstanding ordinary shares to MIH. Subsequently, Ctrip
will transfer 4% of outstanding voting securities of MMT to Golden
Trip Investment Fund, L.P ('GTIF'). Ctrip,
MMT, and GTIF are together referred as
'Parties'.
i. Horizontal Overlaps: CCI observed that Ctrip
and MMT are engaged in 'travel, accommodation, and travel
related services' in India. Within this sector, Ctrip and MMT
exhibit horizontal overlaps in (a) air ticket bookings, (b)
accommodation bookings, (c) package holidays, (d) car rentals, (e)
B2B services and (f) other services, ('Horizontal
Markets').
