India’s Mahindra on expansion drive
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Putting a hold on its listing plan, Mahindra Holidays & Resorts India (MHRIL) plans to double its room capacity in the current fiscal through acquisitions, green field projects and expansions.
“By the end of the year, we plan to expand our capacity from existing 800 rooms to 1,500 rooms. This will require INR400 crore (US$84.6 million), which we will comfortably manage through internal accruals. However, our initial public offer is still under deliberations,” MHRIL’s Chairman, Arun Nanda, was quoted saying in a report in the Economic Times.
It recently acquired Taj Hotels’ property in Thekkady, Kerala, and a heritage property at Ooty, Tamil Nadu. According to the report, other plans are also in the pipeline. It said the company has enhanced its pan-India presence with three green field resort locations at Corbett in Uttarakhand, Tungi in Maharashtra and Theog in Himachal Pradesh.
Club Mahindra has also added three new leased locations for its members at Yercaud and Masinagudi in Tamil Nadu and Naukuchiatal in Utttakhand.
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