Mahindra Holidays & Resorts India Ltd

Mahindra Holidays & Resorts India Limited was incorporated on September 20, 1996 as a Private Limited company with the name Mahindra Holidays & Resorts India Private Limited. In January, 1998, the company was converted into Public Limited Company and the name was changed to Mahindra Holidays & Resorts India Limited. At present, the Company is engaged in the business of selling vacation ownership and providing holiday facilities. The company offers a range of solutions to their customers with the range of products and services, which includes Club Mahindra Holidays, Zest, Club Mahindra Fundays, Mahindra Homestays and clubmahindra.travel. Club Mahindra Holidays is engaged in selling vacation ownership business. Zest, another product of the company in the vacations ownership space entitles their members short breaks for six nights each year in studio apartments. Club Mahindra Fundays is a corporate product-based on the point-based system. Mahindra Homestays provide the customers with choice of homes across different budget categories and property types. Club Mahindra Travel is a travel integration service for Club Mahindra Holidays' members to take care of their range of travel needs from accommodation to the deals on air tickets, complete holiday packages, replete with sightseeing tours and meals to documentation requirements. The company provides family holidays primarily through vacation ownership memberships. Their members can choose to stay and holiday at resorts in a range of holiday destinations for a pre-determined number of days in a year for a fixed number of years. Their resorts offer the use of furnished accommodation, such as apartments and cottages, and an experience through resort specific amenities and facilities, such as restaurants, ayurvedic spas, kids clubs and a variety of holiday activities. In February 1997, the company acquitted a land at Varca Village, Goa. Also, they launched their first individual product 'Club Mahindra Holidays Unlimited'. In the year 1998, MMJ Resorts and Holidays Pvt Ltd was amalgamated with the company with effect from April 1, 1998. In April 1998, the company opened their first resort at Munnar and in December 1999, they opened their second resort at Goa. In November 2000, the company acquired a land in Binsar and in April 2001, they opened a resort at Manali. In April 2001, Mahindra Sega Entertainment Corporation Ltd was amalgamated with the company with effect from April 1, 2001. In December 2002, the company acquired land in Coorg. In January 2003, they opened their first Club Mahindra Holiday World in Chennai. In March 2005, they entered into long-tern lease for an international resort in Pattaya, Thailand. Also, they opened Club Mahindra Kodagu Valley resort in Coorg, Karnataka. During the year 2006-07, the company strengthened their distribution network by opening a new office in Chandigarh and more Holiday Worlds and franchisees in newer locations. They acquired an existing resort in Kumbalgarh. M H R Hotel Management GmbH became the subsidiary of the company. In August 2006, the company executed an agreement with Ashtamudi Resorts Pvt Ltd wherein the entire share capital of Ashtamudi Resorts Pvt Ltd was purchased by the company. In October 2006, they launched 'Club Mahindra Fundays'. In December 2006, the company launched 'Zest', a product to cater to short break holiday needs. In January 2007, they launched clubmahindra.travel, their travel related services. During the year 2007-08, Ashtamudi Resorts Pvt Ltd was amalgamated with the company with effect from July 1, 2007. They acquired lands at Kadapakkam in Tamil Nadu, Kas in Maharashtra and Theog in Himachal Pradesh. Also, they signed an MoU with Government of West Bengal for promotion of tourism in that State. In April 2007, Mahindra Hotels and Residences India Limited was incorporated to carry out the business of hotels and restaurants, including ancillary activities such as interior decoration, recreational facilities and travel agency. In May 2007, the company opened Club Mahindra Backwater Retreat at Ashtamudi.In December 2007, the company opened their fist resort in Rajasthan namely 'Club Mahindra Fort Kumbalgarh'. In March 3, 2008, Heritage Bird (M) Sdn Bhd became a wholly owned subsidiary of the company. The principal activity of the company is purchasing, maintaining and leasing resorts. During the year 2008-09, the company launched a unique and innovative product 'Mahindra Homestays' in the UK. The company acquired 3 new properties, at Thekkady, Ooty and Naukuchiatal. Also they opened six Holiday Worlds in Jaipur, Mumbai, Pune, Delhi, Lucknow and Kolkata thereby expanding their sales network across the country. In May 2008, the company launched Zest @ Big Beach, Puduchery, first signature resort for Zest. In July 2008, they launched Mahindra Homestays. In September 2008, the company entered into a strategic alliance with Kerala Government for a period of 5 years to develop, promote and market homestays overseas and in India. In October 2008, they opened Thekkady resort for customers. During the year 2009-10, the network of the company's resorts was expanded with new locations such as Gangtok, Corbett and Mashobra. They expanded their existing properties at Coorg, Binsar and Ashtamudi and added a second smaller resort in Goa. The company entered into jungle tourism with MOUs signed for resorts in Gujarat and Madhya Pradesh. Also, they set up log huts in Binsar and floating cottages at Ashtamudi. During the year, the company successfully completed an IPO of 92.65 lakh equity shares, which was oversubscribed by more than 9 times. The shares were listed on the NSE and the BSE on 16th July, 2009. The company introduced innovative and interesting facilities for their customers, which includes the launch of Svaastha spa at Coorg, Puducherry and Kumbalgarh. They also introduced a 'Gourmet express' option in their dining programme in some of their resorts. In January 11, 2010, the company incorporated a subsidiary company, namely BAH Hotelanlagen AG to carry out the business of hotels, tourism and related activities. The company was awarded the status of a Business Superbrand in 2009 by the Brand Council of India and the flagship brand 'Club Mahindra Holidays' was selected as a Consumer Superbrand. Club Mahindra.travel was approved as andACTIVE' Member of Travel Agents Association of India for the year 2009-10. As a part of their strategy for growth, Mahindra Holidays plans to enter new segments by offering innovative products aimed at the different needs of specific socio-economic and varied age segments of consumers. They also started working on revamping their Club Mahindra website using Web 2.0 technology. They have initiated the process of getting the ISO 27001 certification for the IT department and expect this to be completed during 2010-11. Bell Tower Resorts Private Limited (BTRPL), a wholly owned subsidiary company of the Company, was amalgamated with the Company with effect from July 31, 2014. During the year 2016-17, the company increased its stake in Holiday Club Resorts Oy, Finland (HCR) from 85.61% to 91.94% on account of acquisition of additional shares in line with the agreements executed with the shareholders of HCR. Subsequently, during the month of April 2017, the stake was further increased to 95.16%. During the year 2019, the Company has provided Corporate Guarantee of Euro 5 million on behalf of MHR Holdings (Mauritius) Limited, Mauritius (MHR Holdings), subsidiary company as a collateral security towards the financial facilities availed by MHR Holdings from a Bank. During the year under 2019, the Company through its subsidiary Covington S..r.l, Luxembourg, increased its equity stake in Holiday Club Resorts Oy, Finland (HCR) from 95.16% to 96.29% in August 2018 and further to 96.47% in November 2018. Further, Holiday Club Canarias Investments S.L.U., a step down subsidiary of the Company, acquired 100% stake in Passeport Sante SLU (Passeport). Accordingly, Passeport has become a step-down subsidiary of the Company in FY 2018-19. Also, Kiinteist Oy Himoksen Thti 2 has been merged with HCR and consequently, ceases to be a subsidiary of the Company. During the year 2019, HCR has sold its entire 49% stake in Kiinteist Oy Sallan Kylpyl (Kiinteist) and consequently, Kiinteist has ceased to be an associate of HCR and in turn of the Company. During the year 2019-20, Company added 15,697 new members to its vacation ownership business, taking the total membership to over 2.58 lakhs. It also added 9 resorts and 224 room units . During the year 2019-20, Holiday Club Sweden AB, Sweden, step down subsidiary of the Company, disinvested its entire stake in Åre Villa 1 AB and Åre Villa 2 AB and consequently, Åre Villa 1 AB and Åre Villa 2 AB ceased to be the step down subsidiaries of the Company. Further, Covington, a step down subsidiary of the Company, acquired the balance 3.53% stake in HCR and consequently, HCR has become a wholly owned subsidiary of Covington and in turn of the Company. As of March 31, 2020, Company had 34 subsidiaries, 1 joint venture company and 2 associate companies. In 2019-20, the Company made significant investments in upgrading rooms, renovation of public areas and amenities such as spa and banquets across several resorts. Host' and Champs' programme. It launched its speciality seafood restaurant Meen Kada at Cherai and Bakers Café at Pondicherry and further launched 20 types of Theme Nights'. During the year 2020-21, Holiday Club Sweden AB, Sweden a step-down subsidiary of the Company, acquired the balance 49% stake in Holiday Club Sport and Spa Hotels AB and consequently, both became a wholly owned subsidiary of Holiday Club Sweden AB and in turn of the Company. In 2020-21, it launched its flagship greenfield property in North Goa at Assonora and introduced the concept of lazy river in the resort. It also launched fully managed resorts at Jaipur (Rajasthan), Arookutty (Kerala), Netrang (Gujarat) and Alibaug (Maharashtra) and entered into inventory arrangements at Andaman and Nicobar Islands, Ranthambore and Mount Abu (Rajasthan) and Alleppey (Kerala). During the year 2022-23, the Company added 17,477 new members to its vacation ownership business. It added 372 rooms, taking the total inventory to 4,940 room units across its 102 resorts as of March 31, 2023. During the year 2022-23, the Company increased its equity stake in Rocksport and consequently, Rocksport became an associate of the Company with effect from April 16, 2022. Guestline Hospitality Management and Developement Services Limited was made subsidiary of the Company effective December 3, 2022 with 98.39% stake. HCR Management Oy (HCRM), a wholly owned subsidiary was merged with Holiday Club Resorts Oy (HCR) and consequently, HCRM has ceased to be a subsidiary of Covington and of the Company effective from February 28, 2023. The Company incorporated an entity 'Mahindra Holidays & Resorts Harihareshwar Limited' (MHRHL) in Mumbai, Maharashtra on August 23, 2022 as Wholly Owned Subsidiary of the Company. Arabian Dreams Hotel Apartments LLC, Dubai was made a subsidiary company in FY23. In 2023-24, Company increased 20,019 members to its vacation ownership business, 387 units to the room inventory totaling to 5327 rooms across its 110 resorts as on March 31, 2024. In FY 2024-25, the Company added 7 new resorts in Bharatpur (Rajasthan), Pavagadh (Gujarat), Mysuru (Karnataka), Patkote (Uttarakhand), Chumbi (Sikkim), Agra (Uttar Pradesh) and Dindi (Andhra Pradesh) by 520 keys, taking the total inventory to 5,847 rooms. Company added 7 new resorts and expanded five existing properties, adding ~900 gross keys, taking the total inventory to 6,228 rooms in FY26. Company has identified two key growth drivers: scaling the core business to deliver enhanced guest experiences and building new capabilities through entry into luxury leisure hospitality with Mahindra Signature Resorts in 2026.