Adani Enterprises is all set to start its online train ticket sales after it was announced by the company recently that it has got into a share purchase agreement – SPA with Stark Enterprises Private Limited. In a BSE filing, the company also said that the SPA has been signed for a 100% acquisition of Stark Enterprises. For the unversed, Stark Enterprises deals with the online training booking and information platform called Trainman.
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Adani shared with the market regulators with regard to the details of the agreement. The company said that Adani Digital Labs Private Limited (“ADL”), which is a fully-owned subsidiary of Adani Enterprises has signed a Share Purchase Agreement (“SPA”) with regards to the planned acquisition of a 100% stake in Stark Enterprises Private Limited (“SEPL”), which is also called as Trainman. Trainman is an internet-based train booking and information platform.
The reason for the agreement mentioned by the company was that SPA has the record of the agreement terms for the acquisition of 100% equity shares of SEPL and all other matters involved thereupon.
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After this acquisition, Adani Enterprises will be in a position to challenge the monopoly maintained by the Indian Railways Catering and Tourism Corporation (IRCTC) with its online train ticket booking business. In February 2023 when the Hindenburg Research report revealed shocking details about Adani Enterprises that made it go through a heavy sell-off with shares lowering to about Rs 1,195 apiece levels on the National Stock Exchange (NSE).
However, in less than 4 months of duration, the shares bounced back to Rs 2,505 apiece levels last week, which recorded about a 100% rise.
About IRCTC:
Indian Railway Catering and Tourism Corporation (IRCTC) is a PSU – public sector undertaking of India. It gives ticketing, catering, and tourism services for the Indian Railways. It was earlier completely owned by the Government of India and run by the Ministry of Railways’s administrative department. However, since 2019, the company has been listed on the NSE and BSE with the government having major ownership. In 1999, the IRCTC was set up through the Indian Railways. It is the only company to provide specific services to the Indian Railways such as catering, online ticketing, and drinking water supply on trains and railway stations. However, in 2008, the company was classified as a Miniratna public corporation, which means it got a certain level of financial autonomy.
After getting listed on stock exchanges, the government’s ownership got reduced to 87% with the remaining stocks getting traded by the public in 2019. In 2020, the government again divested share-holding to 67% of IRCTC.
About Adani Enterprises:
Adani Enterprises Limited is a multinational company with a public listing in India. It is part of the Adani Group. The company has its headquarters in Ahmedabad and involves mainly in the mining and trading of coal and iron ore. The company has several subsidiary companies in airport operations, edible oils, road, rail, and water infrastructure, data centres, and solar manufacturing, etc.
(Image/Companies History)
