Club Mahindra to add 25 resorts by 2010
Mahindra Holidays and Resorts says the expansion will take the number of Club Mahindra resorts to 40 from 15.india Updated: Sep 18, 2006 19:34 IST
Club Mahindra, the flagship brand of Mahindra Holidays and Resorts India Ltd (MHRI), on Monday said it plans to add at least 25 holiday resorts by 2010 taking the number to 40 from the present 15.
MHRI, a subsidiary of the $3 billion M&M family, also mulls entering into the capital market in 'not too distant future', its Chairman Arun Nanda told reporters in Mumbai while announcing the setting up of four resorts at an investment of Rs 170 to 180 crore.
Maintaining that the proposed four theme-based resorts would be set up at Kumbalgarh in Rajasthan, Lonavala in Maharashtra, Kollam in Kerala and Corbett in Uttaranchal, he said the company would fund the investment from internal accruals.
Declined to divulge the amount the company would invest to set up another 25 resorts to take tally to 40 by 2010, Nanda said majority of them would come up at 'lesser known destinations'.
Some of them may also come up overseas as well, he said.
MHRI Managing Director Ramesh Ramanathan said the company, which envisages to become the second largest family holiday company outside the US, enjoys around 75 per cent market share in the country's close to Rs 400 crore 'highly fragmented and localised' family holiday market.
Ramanathan expects the membership of the company would go up, at a very conservative estimate, to one lakh from 43,000 at present.
However, when asked to give an approximate timing for the issue, he said, 'not earlier than the end of the current calendar year'.
First Published: Sep 18, 2006 19:34 IST