The Hindu Business Line : Mahindra Holidays expanding overseas

Ahmedabad, July 24 Mahindra Holidays and Resorts India Ltd, a 100 per cent subsidiary of the Mahindra Group, is sailing abroad to form joint ventures with local players in some countries in Africa and West Asia , its Managing Director, Mr Ramesh Ramanathan, said.

The company, having about 1,500 NRIs on its member rolls, is now set to woo non-NRIs abroad by setting up resorts in South Africa, Mauritius, Egypt, Morocco, Cyprus and Turkey, besides Europe.

“We are opening up our business to these countries by setting up companies there, some of which could be joint ventures. We bought a property in Austria this year,” he told Business Line. “No Indian company, in thi s sector, has gone to these countries before,” he said.

Mahindra Holidays was the fastest growing company in the resorts sector in Asia, Africa and Europe, he claimed. It has competition from about a dozen players in the country, including majors such as Sterling and Royal Goan Beach Club.

Plans IPO

The company will come out with its IPO either in December or January. The modalities are being worked out, Mr Ramanathan added.

The company, which has 20 properties in India, some leased, with about 1,000 residential rooms, has set up an office in Dubai as part of its expansion plans.

The Mahindras have invested about Rs 300 crore in this business since the inception of the company in 1996 and are now poised to invest another Rs 500 crore by 2010 to set up about a dozen resorts with an additional 1,000 units across India and Bhutan.

Of this, Rs 100 crore would be invested in Gujarat alone, where it is planning to set up two resorts.

Within the country, the company is looking to expand its network to Arunachal Pradesh, Andamans and Nicobar and Lakshadweep Islands.

In 2006-07, Mahindra Holidays’ revenues amounted to Rs 345 crore with a CAGR of about 55 per cent, up from Rs 252 crore in the previous fiscal.

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