Mahindra Holidays and Resorts India on Thursday said it will increase its number of dwelling units by adding about 500 units this fiscal that could entail an investment of up to Rs 275 crore.
"We are hoping to add about 500 units by March 2011. In this quarter, we will start three resorts," Mahindra Holidays & Resorts India Managing Director Ramesh Ramanathan told PTI.
"We are hoping to add about 500 units by March 2011. In this quarter, we will start three resorts," Mahindra Holidays & Resorts India Managing Director Ramesh Ramanathan told PTI.
The Mahindra Group firm currently offers 1,500 units comprising about 3,000 rooms, mainly for family holidays, in 31 resorts across the country, he added.
The company will open three resorts at Gir in Gujarat, Ranthambore and Sariska in Rajasthan next month, he said, but declined to share total number of resorts to be added.
When asked about the investment that has been earmarked for this expansion, Ramanathan said: "Though the final amount has not been fixed, it will take anywhere between Rs 250 crore and Rs 275 crore to add 500 more units."
The company will finance this amount from funds raised from last year's IPO and internal accruals. It had received Rs 170 crore from IPO proceedings.
Mahindra Holidays & Resorts India today tied up with Punjab Heritage and Tourism Promotion Board (PHTPB) to market 'Farm Tourism'. The programme is similar to that of 'Bread and Breakfast' scheme of the Delhi government under which house owners let out their premises to tourists.
The initiative will be promoted under Mahindra Homestays brand, that offers over 750 rooms in about 270 houses across 15 states in the country.
"The Punjab Tourism has registered 23 homes for this programme. At present we have tied up for five houses and eventually this number will grow," Mahindra Homestays Business Head Vimla Dorairaju said.
The company, which has been so far marketing the brand only in India and the UK, will soon go to Germany, France and other European countries to promote this concept.
The company will open three resorts at Gir in Gujarat, Ranthambore and Sariska in Rajasthan next month, he said, but declined to share total number of resorts to be added.
When asked about the investment that has been earmarked for this expansion, Ramanathan said: "Though the final amount has not been fixed, it will take anywhere between Rs 250 crore and Rs 275 crore to add 500 more units."
The company will finance this amount from funds raised from last year's IPO and internal accruals. It had received Rs 170 crore from IPO proceedings.
Mahindra Holidays & Resorts India today tied up with Punjab Heritage and Tourism Promotion Board (PHTPB) to market 'Farm Tourism'. The programme is similar to that of 'Bread and Breakfast' scheme of the Delhi government under which house owners let out their premises to tourists.
The initiative will be promoted under Mahindra Homestays brand, that offers over 750 rooms in about 270 houses across 15 states in the country.
"The Punjab Tourism has registered 23 homes for this programme. At present we have tied up for five houses and eventually this number will grow," Mahindra Homestays Business Head Vimla Dorairaju said.
The company, which has been so far marketing the brand only in India and the UK, will soon go to Germany, France and other European countries to promote this concept.
Source : Mahindra Holidays
