1. AAPC India Hotel Management Private Limited 2. Triguna Hospitality Ventures (India) Private Limited 3. Srilanand Mansions Private Limited 4. Techpark Hotels Private Limited 5. Accent Hotels Private Limited 6. Caddie Hotels Private Limited & Others — Combination C-2026/05/1427

Notice under Section 6(2) of the Competition Act, 2002 jointly given by InterGlobe Enterprises Private Limited, InterGlobe Hotels Private Limited, AAPC India Hotel Management Private Limited, Triguna Hospitality Ventures (India) Private Limited, Srilanand Mansions Private Limited, Techpark Hotels Private Limited, Accent Hotels Private Limited, Caddie Hotels Private Limited, and AAPC Singapore Pte. Ltd.

CORAM: Ms. Ravneet Kaur Chairperson Ms. Sweta Kakkad Member Mr. Deepak Anurag Member Order under Section 31(1) of the Competition Act, 2002 1. On 21st May 2026, the Competition Commission of India (Commission) received a notice (Notice) under Section 6(2) of the Competition Act, 2002 (Act) jointly given by InterGlobe Enterprises Private Limited (IGE), InterGlobe Hotels Private Limited (IGH), AAPC India Hotel Management Private Limited (AAPC India), Triguna Hospitality Ventures (India) Private Limited (Triguna), Srilanand Mansions Private Limited (SMPL), Techpark Hotels Private Limited (Techpark), Accent Hotels Private Limited (Accent), Caddie Hotels Private Limited (Caddie), and AAPC Singapore Pte. Ltd. (AAPC Singapore). The Notice was filed pursuant to the execution of (i) a binding term sheet dated 12th May 2026 amongst IGE, Mr. Rahul Bhatia, Mrs. Jyoti Bhatia, AAPC Singapore, IGH, AAPC India, Triguna, Caddie, SMPL, Techpark, and Accent; (ii) a composite scheme of arrangement between IGH, Caddie, SMPL, Techpark, Accent, AAPC India, Triguna, and their respective shareholders and creditors; and (iii) Board Resolutions passed by the respective Board of Directors of IGH, AAPC India, Triguna, SMPL, Techpark, Accent, and Caddie, each dated 11th February 2026 [IGE, IGH, AAPC India, Triguna, SMPL, Techpark, Accent, Caddie, and AAPC Singapore are collectively referred to as the ‘Notifying Parties’].

2. The proposed combination is envisaged as under: Step 1: AAPC India Acquisition – Acquisition of 23.2% shareholding in AAPC India by Mr. Rahul Bhatia who holds 91.08% shareholding on a fully diluted basis in IGE, which in turn holds 19.78% shareholding in AAPC India. Step 2: Gurgaon Hotel Acquisition – Acquisition of a hotel in Gurgaon by IGE from IGH. Step 3: Merger – Merger of AAPC India, Triguna, Caddie, SMPL, Techpark and Accent with and into IGH. Step 4: Funding – Following consummation of the proposed Merger, IGE and AAPC Singapore shall invest certain funds in IGH. Step 1, Step 2, Step 3 and Step 4 are collectively referred to as the ‘Proposed Combination’.

3. In terms of the Competition Commission of India (Combinations) Regulations, 2024 (Combination Regulations), vide letter dated 04th June 2026, certain information and clarifications were sought from the Notifying Parties. The Notifying Parties submitted the response dated 22nd June 2026, after seeking an extension of time. Since the response was not found to be complete, another letter was issued on 01st July 2026, and the response dated 09th July 2026 was received. Notifying Parties, vide communication dated 31st July 2026, have also made certain voluntary submissions. 4. In response to the letter dated 04th June 2026, it was clarified that AAPC India Acquisition will be undertaken by Mr. Rahul Bhatia, a member of Bhatia family. Accordingly, Mr. Rahul Bhatia also became a Notifying Party by furnishing relevant documents.

5. IGE is wholly owned and controlled by members of the Bhatia family (directly or indirectly). Globally, the Bhatia family, through their controlled entities and affiliates, is primarily engaged in the provision of travel and travel-related services, including hospitality services, acting as sales agent for air transportation service providers and providing access to the central reservation system of an international platform. Additionally, it is also engaged in the bottling, sale, and distribution of wine, and the provision of IT services.

6. AAPC Singapore is wholly owned and controlled by Accor S.A. (Accor), which is the ultimate holding company of the Accor group. Accor is a listed company, and its shareholding is widely held, with no individual shareholder exercising control. AAPC Singapore is engaged in management consultancy services for hotels outside India. Globally, Accor group is primarily engaged in managing and franchising ‘Accor-branded hotels’ and provides services such as marketing, loyalty and discount programs, and operates Accor booking platforms. AAPC Singapore does not have any business activities in India. The business activities of Accor group in India, other than activities carried out by IGH, AAPC India, Triguna and Caddie, including their respective affiliates, are, inter alia, travel-related services i.e. booking platform for hotels through its websites, namely, All.com, Fairmont.com, and Raffles.com; and a mobile application, namely, All Accor (together referred to as ‘Accor Booking Platforms’). Post the Proposed Combination, AAPC Singapore will, inter alia, be entitled to appoint certain Key Managerial Personnel of IGH.

7. IGH is jointly owned and controlled by the Bhatia family (including their controlled entities and affiliates) and the Accor group. IGH is engaged in (a) owning and developing hotels, which are ‘Accor branded hotels’ operated/ managed by AAPC India; (b) leasing an office building within Ibis Hotel, New Delhi, and three (3) floors of commercial space within Ibis Hotel, Hosur Road, Bangalore; and (c) providing consultancy and support services offering advisory, management, financial, technical, legal, accounting, information technology, and human resources on a captive basis.

8. AAPC India is jointly owned and controlled by the Bhatia family (including their controlled entities and affiliates) and the Accor group. AAPC India is engaged in (a)

managing Accor-branded hotels owned and developed by IGH, Triguna and Caddie, including their respective affiliates, and third-parties; (b) franchising Accor-branded hotels to third-parties; and (c) providing consultancy services for Accor-branded hotels managed/ franchised by AAPC India, so that the hotels are set up according to the Accor-brand specifications.

9. Triguna, an investment holding company, is jointly owned and controlled by the Bhatia family (including their controlled entities and affiliates) and the Accor group. SMPL, Techpark, and Accent are wholly owned subsidiaries of Triguna. All of them are engaged in owning and developing Accor-branded hotels, which are operated/ managed by AAPC India.

10. Caddie is jointly owned and controlled by the Bhatia family (including their controlled entities and affiliates) and the Accor group. Caddie is engaged in (a) owning and developing Accor-branded hotels operated/ managed by AAPC India; and (b) leasing an office tower within the Pullman/ Novotel hotel complex in New Delhi.

11. For the purposes of competition assessment, the Commission considered (a) the business activities of the standalone affiliates of the Bhatia family group (excluding IGH, AAPC India, Triguna, Caddie and their respective affiliates) vis-à-vis IGH, AAPC India, Triguna, Caddie and their respective affiliates (together referred to as ‘Target Group’) in India; and (b) the business activities of the standalone affiliates of the Accor group vis-à-vis the Target Group in India.

12. Based on the information contained in the Notice, there exist horizontal overlap(s) between the business activities of an affiliate of the Accor group and the Target Group in the market for provision of hotel accommodation services in India (Hotels Market) which can be further segmented on the basis of star-rating of the hotels involved. The Notifying Parties are engaged in provision of 4-star hotel accommodation services in India (4-Star Hotels Market), and exhibit potential horizontal overlap(s) in the following cities: (a) Bangalore, (b) Indore, (c) Raipur, (d) Kochi, (e) Gurgaon, (f) Nashik, and (g) Lucknow.

13. The Notifying Parties also exhibit the following existing/ potential vertical linkages:

a. AAPC India of the Target Group is engaged in the Hotels Market while the Accor group (including Accor Booking Platforms and an affiliate) is engaged in the provision of travel services in India (Travel Services Market). b. IGH, Triguna, Caddie, and their respective affiliates are engaged in the market for development of hotel commercial real estate in India (Hotel Commercial Real Estate Market) while the Accor group, through its affiliates, is engaged in the Hotels Market.

14. Further, the following potential complementary linkages are also noted: a. Bhatia family (through an affiliate) is engaged in the provision of hotel consultancy and interior turnkey services in India (Consultancy Market), while IGH, AAPC India, SMPL, Techpark, Accent, Caddie, and/ or their affiliates, are engaged in the Hotels Market. b. Bhatia family (through an affiliate) is engaged in the provision of air transportation services in India (Air Transportation Market) while IGH, AAPC India, SMPL, Techpark, Accent, Caddie, and/ or their affiliates, are engaged in the Hotels Market. c. Bhatia family (through an affiliate) as well as the Accor group (through an affiliate) are engaged in the provision of data processing services within the hospitality sector in India (Hospitality Software Market) while IGH, AAPC India, SMPL, Techpark, Accent, Caddie, and their respective affiliates are engaged in the Hotels Market.

15. With respect to horizontal overlap(s), it is noted that the combined market share of the relevant parties (including their affiliates) in the broad Hotels Market, and in the narrow 4-Star Hotels Market, is in the range of [0-5]%. Further, in the cities where horizontal potential overlaps have been noted, considering live and pipeline/ under construction hotels also, the combined market share of the relevant parties (including their affiliates) is in the range of [5-10]%, except in one city, where the combined market share of the relevant parties (including their affiliates) is in the range of [0-5]%. Further, it is also noted that the Hotels Market is characterised by the presence of several market players.

16. In respect of the vertical and potential complementary linkages noted above, it is observed that the respective market shares of the Notifying Parties (including their affiliates) in the markets identified, either upstream, or downstream, or both, as the case may be, are insignificant (except of InterGlobe Aviation Ltd. in the Air Transportation Market, in which its market share was [55-60%], and in the Hotels Market, in which the market share of Target Group Entities was [0-5%], in FY 2024-25), and accordingly, the relevant parties have no ability and/ or incentive to foreclose competition.

17. As the Proposed Combination is not likely to cause appreciable adverse effect on competition (AAEC) in the aforesaid relevant market(s) in India, the Commission decides to leave delineation of the relevant market(s) open.

18. Considering the material on record, including the details provided in the Notice and further responses, and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have AAEC in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

19. This order may be revoked if, at any time, the information provided by the Notifying Parties is found to be incorrect.

20. The information provided by the Notifying Parties shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.

21. The Secretary is directed to communicate to the Notifying Parties accordingly.