January 17, 2014 2:33:00 am
Mahindra Holidays and Resorts will invest Rs 500 crore in the next financial year 2014-15 in around seven properties across the country. Also to capitalise on the depreciated rupee the company is focussing on Indian diaspora for whom the product looks more attractive.
“We will be adding 500 rooms every year over the next 3 years and invest Rs 500 crore in 2014-15 itself,” said Arun Nanda, chairman, Mahindra Holidays and Resorts (MMHR) and board member of M&M. Nanda said that while the middle class in the country is over 200 million strong, the industry does not have even half million membership.
“This is a business where long-term credibility is a must and since the product has to be served for longer period, people are not comfortable with groups or companies with no track record,” said Nanda who was conferred the Aatithya Ratna award by Hotel Investment Forum India on Wednesday. Over the last three years MMHR saw its revenue grow at a CAGR of 11.2 per cent while its profits came down from Rs 117 crore in March 2010 to Rs 107 crore in March 2013.
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