Mahindra Holidays & Resorts to invest Rs 600cr to increase inventory
An investment of Rs 600 crore has been planned by Mahindra Holidays & Resorts India Ltd (MHIL) – Mahindra Group’s hospitality division – for increasing its inventory. The investment will be made by the next 18-month period.
With the current inventory of vacation ownership firm MHIL being nearly 2,500-2,600 rooms across 41 properties, MHIL’s Chairman Arun Nanda said that, in the next year and a half, the company will add another 600-700 rooms, for which it will invest approximately Rs 600 croroe.
Nanda also revealed that MHIL is planning to “increase the investment number,” especially in the wake of the fact that “things are looking good now and feel good factor has come back among the consumers.”
Moreover, along with making the planned investment to increase its inventory, MHIL also apparently has plans underway to explore the possibility of expanding its operations in the West. Towards that end, a senior official of the company has revealed that MHIL is eyeing acquisitions at destinations where greenfield or expansions are legally permitted.
With regard to MHIL’s acquisition plans, Nanda said: “In many places literally there are embargo to acquire land and for any new construction. To expand our big resorts, expansions will be mainly through acquisitions.”
Source – Business Standard
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