Adani Enterprises (AEL) has once again made a bold move. On Friday, it announced that it would acquire 100% equity in a rail ticket booking platform. The group has signed an agreement to acquire a famous online train ticket booking platform named Stark Enterprises. AEL has brought the entire stake in the company. This is in line with their vision to ace the acquisition game in the sector of Technology and Artificial Intelligence AI. The Stark Enterprises is widely recognised as trainman. This is the second time that the AEL has made an acquisition in the travel booking service.
Around one and a half years ago, in October 2021, AEL had acquired a minority stake in Flipkart India’s online owned travel aggregator known as Cleartrip. However, the company has announced in its stock exchange update that the whole acquisition of Stark Enterprises will be done through its wholly-owned subsidiary Adani Digital Labs. Meanwhile, it should be noticed that no mentions of the financial terms were made during the stock exchange update. Let’s know more about the Stark Enterprises.
About Stark Enterprises
Stark Enterprises is among the authorised booking partners that are associated with the Indian Railway Catering and Tourism Corporation. The Gurugram-based company was founded by two IIT Roorkee graduates, Vineet Gupta and Sachin Saxena back in 2011. This platform helps in several ways to the passengers by showing real-time information such as current seat availability, passenger name record as well as live train status.
This move marks the comeback of the Adani Group which was recently accused of ‘fraud’. A US-based short seller named Hindenburg had published a controversial report against the group in January. It had said in the report that the group was linked with governance lapses. However, all the accusations were denied by the group and the Supreme Court of India made it clear that the court-appointed panel did not find anything irregular. It also rejected concerns of systemic risk in the stocks as said in the Hindenburg report.