In a significant move in the travel space, South African media group Naspers will exit MakeMyTrip by selling its stake to China's largest online travel agency Ctrip.

With this strategic move, the Chinese company will own 49 percent stake in MakeMyTrip and will get 4 percent of the total voting rights. The current market capitalisation of MakeMyTrip is $2.7 billion.

This will be a share swap with Naspers exchanging entire shareholding in MakeMyTrip for newly issued shares of Ctrip. Following the transaction, Naspers will own 5.6 percent of Ctrip's outstanding ordinary shares.

Naspers had invested in MakeMyTrip around two years ago. Later, Naspers' portfolio company Ibibo was acquired by MakeMyTrip in January 2017.

The share exchange transaction allows Ctrip to get larger exposure to the India travel market, where MakeMyTrip has a large market share, while the latter will benefit from the Chinese company's global scale.

Deep Kalra, chairman and group chief executive officer of MakeMyTrip, said, "We are grateful for the unstinting support Naspers has provided us over the last couple of years. We have worked with Ctrip in the past years and are excited to take this partnership to the next level. We will leverage this investment to benefit from the tremendous growth potential in travel and tourism between our two countries."