Mahindra Holidays hikes stake in Finland co up to 88%

Mahindra Holidays & Resorts India (MHRIL) has decided to hike its stake in Finland-based Holiday Club Resorts (HCR) to up to 88 per cent from the current 23.3 per cent holding for a consideration of 28 million euros.

The balance 12 per cent is primarily held by the management. MHRIL would make the investment through its overseas subsidiaries. The deal is expected to be completed in a 2-3 months, subject to customary regulatory approvals in different countries.

“I am extremely pleased that Mahindra Holidays has decided to exercise its option to increase its stake in Holiday Club Resorts up to around 88 per cent, well ahead of the exercise period deadline of 2016. Our experience of working with the local management of Holiday Club over the last one year has given us the conviction that they are the right partner for our growth strategy in Europe and the Middle East,”MHRIL chairman Arun Nanda said.

With this, MHRIL together with Holiday Club will become the world’s largest vacation ownership company based outside the United States, Nanda added.

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