Public listed vacation ownership company Mahindra Holidays and Resorts India Ltd (MHRIL), a part of the $15.4 billion Mahindra group, has acquired ‘The Destination’, an 80 room resort near Shimla, for an undisclosed sum. This acquisition will take MHRIL’s total asset count to 43 resorts in India and abroad.
“In the last 10 months, our focus on expansion has resulted in an addition of over 780 rooms,” Rajiv Sawhney, managing director, MHRIL said. The company has purchased 100 per cent equity share capital of Holiday on Hills Resorts Private Limited, which owns the resort spread across 14-acres in Shimla in Himachal Pradesh.
Mahindra Holidays footprint in North India now includes Corbett, Naukuchiatal, Binsar, Manali, Dharamshala, Mashobra (Shimla), Kanatal and Mussourie.
The firm clocked revenues of Rs 626 crore with net profit of Rs 102.3 crore for the year ended March 31, 2012. The company’s net profit rose 12.26 per cent to Rs 27.01 crore for the quarter ended September 30, 2012 over the corresponding period of previous fiscal. Revenues for the quarter rose around 11 per cent in the same period.
Mahindra Holidays scrip last quoted at Rs 280.1 a share, down marginally on the BSE in a weak Mumbai market on Friday.
(Edited by Prem Udayabhanu)
