Mahindra Holidays to invest Rs 1,500 crore on expansion in next 3 years
Mahindra Holidays & Resorts India Ltd plans to invest up to Rs 1,500 crore in the next three years in expansion, including room additions and resort acquisitions, according to company MD and CEO Kavinder Singh.
The company is also considering launching a new upscale brand for managing resorts, through which it would also look to further grow its Club Mahindra memberships.
"We are on a growth path. We have added 1,000-odd rooms in just about two and a half years," Singh told PTI.
At present, Mahindra Holidays & Resorts India Ltd (MHRIL) has a total of about 4,700 rooms across 86 resorts -- 74 in India and 12 internationally, he added.
When asked about future expansion, he said, "For us, we have to add resorts, that's the business we are in. We have a plan to easily add 1,200 to 1,500 rooms in about three years' time and that will happen at an estimated capital expenditure of about Rs 1,200 crore to Rs 1500 crore, which is sanctioned by the board".
Among the major expansion ...