Mahindra Holidays to launch 4 new products in FY11
Vacation home operator Mahindra Holidays & Resorts Ltd plans to launch four new products in the current fiscal to boost its product offering as the firm adds 600 new units to its existing portfolio.
The owner of Club Mahindra had a total room inventory of 1,476 as at March 31.
"We are launching four new products during FY11. These include a camping product (tented accomodation), a membership product for senior citizens, another for the high-income group and a deeded product," Chief Financial Officer P.S. Doraiswamy said on Tuesday.
"This will help us to ensure that there is a product offering across different age and income segments," Doraiswamy told the Reuters Trading India Chatroom.
Deeded product is a fractional ownership product of high-end villas aimed at high networth individuals in close proximity to Mahindra's existing resorts.
"The total addition of room inventory that we hope to do in FY11 will take care of approximately 30,000 members. This is aligned to the growth in the eligible member base," he said.
The firm is also in the process of acquiring three properties in Gujarat and Madhya Pradesh and the acquisitions will close in the quarter ended June 30. It is now looking for more buys across the country.
"We are on constant lookout for new properties that meet our requirements in terms of quality standards," he said.
It has set a capex of Rs 350 to 400 crore to add rooms and apartments during the current financial year, Managing Director Ramesh Ramanathan said last month.
There were however no plans to acquire any properties overseas at the moment, Doraiswamy said.
Shares of Mahindra Holidays were up 0.46 per cent at Rs 488 in a firm Mumbai market.
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