Mahindra Holidays to invest ₹800 cr in Tamil Nadu
₹800 crore investment to develop three greenfield resorts over the next five to six years. It said the investments will come from the internal accruals and will be infused over the next five to six years as the company identifies and finalizes the locations. This, the company said in a statement, will be its second-largest investment yet.
It said it has about 290,000 members in its programme. This investment, it said, is expected to generate direct employment opportunities for about 1,500 people. However, the announcement has not yet been put out on the BSE platform by the listed entity.
Mahindra Holidays & Resorts said it expects to double its room inventory from 5,000 to 10,000 by 2030 and with existing resorts in Ooty and Kodaikanal, the new projects will strengthen its presence in Tamil Nadu. In September last year, the company had inked a similar MoU with the government of Uttarakhand to invest ₹1,000 crore to develop 4-5 large resorts in the state over the next few years. For its second quarter ended September 30, Mint reported that the company had posted a 9.51% year-on-year increase in revenue.
However, the profit for the quarter declined by 47.78% compared to the same period last year. The second quarter of FY24 presented a mixed picture. On the one hand, revenue saw a positive climb, suggesting an appetite for leisure travel despite economic uncertainties, there was a decline in profit.Milestone Alert!
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