Adani Enterprise, the Adani Group’s flagship company, announced on Friday that it would acquire 100% stake in Stark Enterprises (SEPL), which operates online train booking platform Trainman.
The company did not disclose the value of the transaction.
“Adani Digital Labs, a wholly owned subsidiary of the Company, has entered into a share purchase agreement in connection with the proposed acquisition of 100% of the shares in Stark Enterprises,” Adani Enterprises said in a stock release.
Based in Gurugram, SEPL is an IRCTC authorized start-up for online booking of train tickets
by IIT Roorkee graduates Vineet Chirania and Karan Kumar. The company recently raised $1 million from a group of US investors including Goodwater Capital, Hem Angels and others in its latest round of funding.
The deal gains momentum as it marks the return of the fast-expanding Adani Group into the M&A space after US-based short seller Hindenburg published a report critical of the group in January. The short seller accused the Adani Group of “fraud” and corporate governance failures, allegations the conglomerate, which sells cooking oil in ports, has denied.
The Adani group had scaled back their ambitions in the wake of the Hindenburg report. The group has also reportedly put on hold plans to expand into petrochemicals and set up a coal-to-polyvinyl chloride project in Mundra.
In February, Adani Group’s 7,000 crore deal to acquire thermal power assets from DB Power fell through after multiple deadline extensions for the deal to close. In April, the group’s proposed acquisition of aircraft maintenance, repair and overhaul (MRO) company Air Works was delayed after a major shareholder in the target company was forced into liquidation.