Homegrown travel company EaseMyTrip has forayed into the hospitality business with a plan to invest up to ₹100 crore to launch a luxurious 5-star hotel in Ayodhya, close to Shree Ram Mandir, which was inaugurated on January 22 this year. The Delhi-based company said that its board has approved a proposal for incorporating a newest joint venture, Jeewani Hospitality Private Limited, in association with Jeewani Group, a diversified firm operating in multiple states, functional in coal trading, contract manufacturing and animal husbandry and now entering hospitality.

“EaseMyTrip, as one of the joint venture partners, is committing to invest up to ₹100 crore in Jeewani Hospitality Private Limited, the entity super heading the project under incorporation,” it says in a release today.

As per the release, this investment will represent 50% of the total paid-up share capital of the JV company on a fully diluted basis through equity swap, once finalised. “These details are outlined in the proposed JV transaction agreed upon by the involved parties,” it says.

The online travel tech platform says that the hotel will be constructed in the prime location of Ayodhya, strategically situated near the iconic Shree Ram Mandir. “This initiative represents a significant stride towards enriching the spiritual journey of pilgrims and tourists. The hotel's prime location, less than 1 kilometer from the revered temple, promises guests an unparalleled blend of spirituality and luxury.”

Nishant Pitti, CEO & Co-Founder, EaseMyTrip says, "We are delighted to announce our intend towards the newest Joint Venture, a lavish retreat that not only epitomises luxury but also cultivates a tranquil ambiance amidst the dynamic religious ambiance of Ayodhya.”

“With over 2.4 million visitors flocking to Ayodhya following the Pran Pratishtha of the Ram Temple, the city has emerged as a prime investment destination for businesses to offer hospitality options tailored to tourists and inviting guests to delve into a spiritually fulfilling journey while relishing in top-notch hospitality," adds Pitti.

The release notes that Ayodhya's status as a premier destination underscores the importance of enhancing the visitor experience at pilgrimage sites. Religious tourism witnessed 143.9 crore tourists in 2022 and the places of religious tourism earned ₹1.34 lakh crore in the same year. The sector is expected to generate revenue of ₹5,900 crore by 2028, creating 140 million temporary & permanent jobs by 2030, it highlights.

Dhruv Jeewani, Director Jeewani Hospitality, says, “By collaborating with one of India's leading online travel platforms, we are poised to create a truly exceptional 5-star hotel experience near the revered Shree Ram Mandir in Ayodhya. Our vision is to offer guests not only luxurious amenities but also a deeply immersive spiritual journey, complementing the vibrant religious landscape of Ayodhya.’’

By leveraging EaseMyTrip’s travel expertise and Jeewani Hospitality’s commitment to excellence, the joint venture aims to set new luxury standards in Ayodhya. This initiative reflects EaseMyTrip's strategic expansion and dedication to India’s tourism growth and commitment to deliver “exceptional experiences” for both leisure and business travellers, the release says.

Reacting to the news, EaseMyTrip shares gained as much as 5.5% to hit an intraday high of ₹53.67 on the BSE. However, the stock pared early gains and ended the day’s trade at ₹48.95, down 3.7%, amid weakness in the broader market.

Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon.