India's largest vacation ownership company Mahindra Holidays & Resorts India Ltd (MHRIL) has bought 51 per cent stake in Sweden's spa hotel company Visionsbolaget AB for Rs 7 crore (over $1 million), it said on Tuesday.
The acquisition was done through Mahindra Holidaysâ step-down subsidiary Holiday Club Sweden AB, according to a stock market disclosure.
Visionsbolaget, which operates a spa hotel in Sweden, will be renamed as Holiday Club Sport and Spa Hotels AB.
Mumbai-based Mahindra Holidays is a part of the diversified Mahindra Group and runs hotels and resorts under the Club Mahindra brand. The company offers family holidays, primarily through vacation ownership memberships. As on March 31, 2015, it had 1.83 lakh vacation ownership members.
It competes with the likes of Sterling Holiday Resorts, which is now under Fairfax-controlled Thomas Cook.
In September, the company, through its overseas arm, hiked its stake in Finland-based Holiday Club Resorts Oy (HCR) to 83.20 per cent.
Shares of MHRIL were quoting at Rs 420 each, up 2 per cent on BSE in a strong Mumbai market in mid-day trades on Wednesday.