The Hindu : Business : Mahindra Holidays plans to double capacity

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Tuesday, Sep 30, 2008
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Mahindra Holidays plans to double capacity

Special Correspondent

— PHOTO: SHASHI ASHIWAL

IN EXPANSION MODE: Arun Nanda (left), Chairman, Mahindra Holidays and Resorts, with Ramesh Ramanathan, Managing Director, addressing a press conference in Mumbai on Monday.

MUMBAI: Mahindra Holidays & Resorts Ltd. (MHRIL) will double its existing inventory of property through a combination of acquisitions, construction of new property and expansion of existing property. MHRIL, a premier holiday company and among the fastest growing vacation ownership companies, will see its room inventory double to over 1,500 apartments by next year at an investment of around Rs. 400 crore.

The company had now 85,000 members and expected this to reach one lakh by March 2009, said Arun Nanda, Chairman, MHRIL, while addressing the media. MHRIL had just signed an agreement with Tata-owned Indian Hotels Company, owners of the Taj brand, to acquire its Taj Garden Retreat at Thekkady in Kerala. The 32-cottage property has already been renamed Club Mahindra Tusker Trails.

Mr. Nanda said that funding for the investment was from internal accruals and the company had some plans to increase capital.

MHRIL had earlier in the year announced plans for an initial public offering (IPO) but plans were deferred. Mr. Nanda said the company had also entered into an agreement with the West Bengal Government and was scouting for property in the State.

Ramesh Ramanathan, Managing Director, MHRIL said, “our pan-Indian network of 30 resorts offers a diverse range of holiday experiences varying from Beach Holidays to Hill stations and jungle resorts. We took the decision to double our capacity base to 1,500 apartments to cater to our rapidly increasing member base and the addition of six new resort locations will significantly enhance the holiday options for our members.”

The company launched its Homestay concept in the UK in July this year and has signed up 45 homes across India in Rajasthan, Kerala, Delhi, Spiti and Sindhudurg.

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