Mahindra Holidays to invest Rs 1,000 crore to build resorts in Uttarakhand

The company said that this is the biggest investment by MHRIL in any state in the country.

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Hospitality firm Mahindra Holidays & Resorts (MHRIL) signed a memorandum of understanding (MOU) on September 14 with the government of Uttarakhand to build resorts in the state. The company, under the flagship brand Club Mahindra, will build four to five resorts for which the firm will invest Rs 1,000 crore, the company said in a release.

Mahindra Holidays aims to become a strategic partner of the state and will support the Uttarakhand government through the development of the new resorts.

The company said that this is the biggest investment by MHRIL in any state in the country. With this investment, Mahindra Holidays & Resorts will more than double its footprint in Uttarakhand, with Club Mahindra already operating resorts in Jim Corbett, Mussoorie, Kanatal, and Binsar.

It added that it is part of the company's robust plan of expansion from 5,000 to 10,000 keys by 2030. MHRIL with 143 resorts across the globe, of which 82 are in India, has over 2,86,000 plus member families.

“We see huge opportunity in Uttarakhand and our planned investment reflects not only our confidence in the state’s potential but also our commitment to contributing to its economic growth while at the same time creating memorable vacation experiences for our growing base of members,” said Kavinder Singh, Managing Director & Chief Executive Officer, Mahindra Holidays & Resorts India Ltd.

Shares of MHRIL traded 5.15 percent higher at Rs 410.45 on the National Stock Exchange (NSE) at 14:43 on September 14.

The financials

The company recorded its highest ever resort income at Rs 92 crore in the June quarter of financial year 2024. Singh had said that over 90 percent occupancy on an expanded inventory base of 5,000 rooms helped the company achieve the highest ever resort income in Q1 FY24.

The company also reported highest ever total income at Rs 355 crore. Its member additions were up 23 percent year-on-year (YoY) at 4,696 and membership sales value was up by 21 percent YoY at Rs 177 crore.