Country Club India (CCIL), on Monday, announced that it is contemplating merging or acquiring its associates companies that own club and resort properties.

A proposal to this effect has been approved by the CCIL board at its meeting held on March 7, 2008, the company informed the BSE stating that the consideration would be in the form of equity shares of the company based on reports by independent valuers. The effective date of the transaction will be January 1, 2008, and the company proposes to benefit from an additional 500 acres as part of the transaction, which it will utilise for country vacations and medical tourism.

The company also proposed that the clubbing and the country vacations business be distinctly aligned. In this regard, it has been proposed that the revenues generated from the country vacations products be recognised in its subsidiary.