Category: Business

Plans to investRs. 71 cr more in Holiday Club Resorts

Mumbai, June 10, 2015:

Mahindra Holidays & Resorts has decided to increase its stake in Holiday Club Resorts of Finland from 23.3 per cent to 88 per cent for Rs. 200 crore.

The balance 12 per cent stake will be owned by the management of the Finnish company.

MHRIL will make this investment through its overseas subsidiaries. The deal is expected to be completed in two to three months.

Last year, Mahindra Holidays had picked up 23.3 per cent stake in Holiday Club for Rs. 125 crore for the initial share acquisition.

Besides the investment of Rs. 200 crore, MRIL said there will be an additional infusion of about Rs. 71 crore in Holiday Club in the form of equity/ loan, or in any other manner, to finance the growth of the company in the near future.

At a press conference, Arun Nanda, Chairman, Mahindra Holidays & Resorts, said: “We have bought an additional 64.7 per cent stake for Rs. 200 crore and this takes up our stake in Holiday Club Resorts to 88 per cent, making us the largest vacation owner company outside the United States.’’

Holiday Club Resorts was launched in 1986. It owns 30 resorts and is one of Europe’s largest vacation ownership companies with a turnover of €123 million.

“With this additional stake, we will now have a platform to grow our business in Europe and West Asia. There will be Indian products designed for the Arab world in places like Dubai and Kuwait,” added Nanda.

Mahindra Holidays currently has 45 resorts and is planning to add 700 rooms. “We would be investing Rs.700 crore through internal accruals for the additional rooms,’’ added Kavinder Singh, Managing Director & CEO.

The shares of Mahindra Holidays & Resorts dropped by 0.69 per cent and closed Rs. 235.80 on Tuesday. Business Line

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