• Corporate
• Markets
• Info-Tech
• Marketing
• Money & Banking
• Agri-Biz & Commodities
• Industry & Economy
• Logistics
• Government
• Variety
• States
• Index

• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

• Rates

• Ports

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Subscription

• Business Line

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

MUMBAI: Mahindra Holidays and Resorts, which operates Club Mahindra Holidays brand has dropped its overseas expansion plans following the global economic slowdown.

“We are evaluating our overseas product launches because of uncertain market conditions,” a source close to the development said. Last year, the company had made an announcement that it would enter new markets such as South Africa, the Gulf and China.

Mahindra and Mahindra Board Member, Mr Arun Nanda had said at a KPMG seminar earlier this week that the company has dropped plans of setting up shop abroad.

“The affluence of people in the Gulf has gone down. Despite a fall in real estate prices, we are not going ahead with our Gulf plan because the value of money is destroyed,” the source said.

However, the company is open to acquisitions abroad, the source said. “Overseas product launches will be done only if there is stability,” he said.

“At this market condition, we are positive only on the Indian market,” the source said. - PTI

Prev: Venture capitalists invest $13 billion

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line