Mahindra Group firm Mahindra Holidays & Resorts India Ltd (MHRIL) today announced the acquisition of its second resort, comprising 60 rooms, in Manali.
The resort was acquired by purchasing 100 per cent equity share capital of Competent Hotels Pvt Ltd, MHRIL said in a filing to the BSE.
It, however, did not provide any financial details of the transaction.
This is the company's second resort in Manali and with this acquisition, the resort count stands at 41, MHRIL said.
Commenting on the development, MHRIL Chairman Arun Nanda said: "This acquisition is a part of our strategy to increase our resort footprint and offer our members a variety of experiences in diverse locations, including hill stations, deserts, jungles and beaches."
Mahindra Holidays' resort footprint in North India now includes Corbett, Naukuchiatal, Binsar, Manali, Dharamshala, Mashobra, Kanatal, Kandaghat and Mussoorie, the company said.
It has 1,70,722 vacation ownership members and operates 40 resorts across India and abroad.
Shares of MHRIL were trading at Rs 299.60 per scrip in the afternoon trade today, up 0.44 per cent from its previous close on the BSE.