EaseMyTrip, an online travel company, is launching a new wholly-owned subsidiary for electric bus manufacturing. The company’s shares rose by 14 percent in Thursday’s trading.
The board approved this move in a meeting on September 5, 2024. The new subsidiary will focus on electric buses. The company needs approval from the Ministry of Corporate Affairs to proceed.
This announcement marks a shift from the company’s core travel services to the electric vehicle market. The new venture aims to capitalize on the growing demand for sustainable transportation.
Earlier this year, in January, EaseMyTrip suspended flight bookings to the Maldives. This action followed derogatory remarks by Maldivian ministers about Indian Prime Minister Narendra Modi.
The creation of this subsidiary highlights EaseMyTrip’s commitment to sustainability and business diversification. The move reflects the company’s strategy to explore new markets and technologies.
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