Mahindra Holidays to invest ₹1000 crore in Uttarakhand to Build Resorts

Mahindra Holidays to invest ₹1000 crore in Uttarakhand to Build Resorts
Mahindra Holidays to invest ₹1000 crore in Uttarakhand to Build Resorts

by Tanushree Jaiswal Last Updated: Sep 15, 2023 - 06:00 pm 382 Views

Mahindra Holidays & Resorts (MHRIL), operating under its renowned flagship brand Club Mahindra, has inked a significant memorandum of understanding (MOU) with the Government of Uttarakhand on September 14. The MOU paves the way for a momentous investment of ₹1,000 crore by the hospitality firm in Uttarakhand, aimed at constructing four to five exquisite resorts. In doing so, Mahindra Holidays & Resorts reiterates its commitment to bolstering the tourism landscape of the state.

This monumental investment signifies not only MHRIL's confidence in the potential of Uttarakhand but also its dedication to contributing to the state's economic growth. Simultaneously, it intends to create unparalleled vacation experiences for its ever-expanding member base. Kavinder Singh, the Managing Director and Chief Executive Officer of Mahindra Holidays & Resorts India Ltd, expressed gratitude to the Uttarakhand Government for their proactive support.

MHRIL's investment in Uttarakhand is a significant milestone as it marks the company's largest investment in any state across the nation. This venture is also a pivotal component of their ambitious expansion plan, aimed at increasing their capacity from 5,000 to 10,000 keys by the year 2030.

Diversifying Uttarakhand's Tourism Landscape

The resorts planned by MHRIL will not only diversify but also enhance Uttarakhand's tourism landscape. Uttarakhand, known as Devbhoomi, boasts a variety of tourism destinations and experiences, including religious tourism in Haridwar and Char Dhams, wildlife experiences in Rajaji and Corbett National Parks, skiing in Auli, and adventurous escapades in Rishikesh, to name a few. This investment aligns with the state's tourism vision and reinforces its position as a sought-after travel destination.

Sustainability Commitment

As part of its commitment to sustainability, MHRIL is striving to achieve carbon neutrality by the year 2040. All the new resorts developed in Uttarakhand will aim to be champions of net-zero energy, water, and waste. By doing so, they will set the standard for sustainable tourism in the state, serving as exemplary models for responsible and eco-conscious tourism.

Expanding Footprint

With this substantial investment, Mahindra Holidays & Resorts will more than double its presence in Uttarakhand. The company already operates resorts in prominent Uttarakhand locations such as Jim Corbett, Mussoorie, Kanatal, and Binsar. Globally, MHRIL boasts 143 resorts, of which 82 are in India, and serves over 2,86,000 member families.

Mahindra Holidays Reports Q1 FY24 Results

Mahindra Holidays recently disclosed its financial performance for the first quarter of the fiscal year 2024. The results indicate a significant decline in net profit, which dropped by a substantial 70.15% to ₹8.9 crore when compared to the same quarter in the previous year, when the figure stood at ₹29.82 crore.

However, amidst the profit decline, the company managed to achieve a marginal 2% increase in consolidated revenue, reaching ₹651.82 crore for the first quarter of FY24, compared to ₹637 crore during the corresponding period in the previous year.

In conclusion, Mahindra Holidays & Resorts' visionary investment in Uttarakhand reflects its confidence in the state's potential, its commitment to economic growth, and its dedication to offering extraordinary vacation experiences to its growing membership base. This monumental venture promises to further enrich Uttarakhand's tourism portfolio while championing sustainability in the hospitality industry.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.


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