Dreamfolks Services Ltd to Acquire 60.24% Stake in ETT Solutions DMCC for INR 36 Crore / USD 4 Million

Dreamfolks Services Ltd is set to acquire a 60.24% stake in ETT Solutions DMCC, a Free Zone Company providing access to airport lounges and fast track services. The acquisition, valued at INR 36 crore or USD 4 Million, will be through a combination of secondary purchase of shares and primary subscription to freshly issued shares. Upon completion, ETT will become a foreign subsidiary of Dreamfolks. The acquisition is expected to expand Dreamfolks' global lounge business, strengthen its market position across key geographies outside India, and unlock fresh growth avenues. The completion of the proposed acquisition is subject to regulatory approvals, including filing of the required Overseas Direct Investment documentation under the Automatic Route in accordance with the Foreign Exchange Management Act (FEMA), and registration of the share transfer by the Dubai Multi Commodities Centre (DMCC) Authority.