Residency Projects & Infratech (RPIL) on Monday said it has acquired BonVoyage.in, a Bangalore-based online travel portal for an undisclosed amount.
The company has acquired a 100 % stake in BonVoyage.in, which is being merged into its fully owned subsidiary, Valuemart Travel Solutions Private Ltd, RPIL said in a filing to the Bombay Stock Exchange (BSE).
"With this acquisition, RPIL will extend its service offerings in the travel and hospitality sector. RPIL will also invest additional funds in BonVoyage to extend its national footprint and set up offices and travel lounges across the country," RPIL MD CK Vasudevan said in a statement.
BonVoyage provides online information, guidance and booking facilities for domestic and international air travel, holiday packages, hotels, homestays, car rentals and other travel-related services, RPIL said.
"Indian online travel sites recorded a 50 per cent growth over the previous year. This represents a huge business opportunity for the company," Vasudevan added.
Shares of Residency Projects & Infratech were trading at a high of Rs 24.55 in afternoon trade on the BSE today, up 4.87 per cent from their previous close.