EaseMyTrip enters hospitality sector; to invest Rs 100-crore for 5 star hotel in Ayodhya

Ram Mandir: Travel agency EaseMyTrip is all set to foray into hospitality sector as it plans to open a five-star hotel in Ayodhya, close to the vicinity of Ram Temple, which was inaugurated on January 22. The Board of the company has approved the proposal.

5-star hotel in Ayodhya

As per the proposal, a 5-star hotel will be built in Ayodhya which is less than 1KM from Shree Ram Mandir. Rs 100 crores will be invested in Jeewani Hospitality Private Limited which is under incorporation for 50% of the aggregate share capital on a fully diluted basis through swap.

An aggregate share is the number of shares of common stock issued and outstanding immediately prior to the Effective Time. Fully diluted basis through swap includes fresh issuance of the Company’s own equity shares on preferential basis.

"The Board of Directors (“Board”) of Easy Trip Planners Limited (“Company”) in its meeting held today, i.e., on February 11, 2024, has, inter alia considered and in-principally approved the proposal to open a 5-star hotel in Ayodhya which is less than 1Km from Shree Ram Mandir through an investment of an amount of up to Rs 100 crores in Jeewani Hospitality Private Limited, a company under incorporation for 50% of the aggregate share capital of the said company on a fully diluted basis through swap i.e., fresh issuance of the Company’s own equity shares on preferential basis", the company said in a statement.

Nishat Pitti on hotel

EaseMyTrip CEO and co-founder Nishant Pitti said on X (former Twitter) Sunday: "..we have greenlit a groundbreaking proposal to venture into the hospitality sector with the establishment of a luxurious 5-star hotel in Ayodhya, strategically located less than 1 km from the revered Shree Ram Mandir. This decision marks a significant investment milestone of up to Rs 100 crore in Jeewani Hospitality Pvt Ltd, the entity spearheading this ambitious project."

"By leveraging EaseMyTrip’s expertise in the travel and tourism industry, coupled with Jeewani Hospitality’s commitment to excellence in hospitality, the venture is poised to set new standards in luxury accommodation in Ayodhya," he added.

Just now we have greenlit a groundbreaking proposal to venture into the hospitality sector with the establishment of a luxurious 5-star hotel in Ayodhya, strategically located less than 1 kilometer from the revered Shree Ram Mandir. This decision marks a significant investment…

— Nishant Pitti (@nishantpitti) February 11, 2024

EaseMyTrip reported a 9.6 increase in net profit at Rs 45.6 crore in the December quarter of FY24 up from ₹41.69 crore during the same period a year ago on the back of robust growth in travel demand.

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