Mahindra Holidays & Resorts India is set to invest up to Rs45bn ($542.8m) over the next three to four years to bring its total room capacity to 10,000, Press Trust of India reported.
The company's managing director and CEO, Kavinder Singh, announced the plan, which will double the room count from 5,000 to 10,000 by the financial year 2030 (FY2030).
Singh was quoted by the news agency as saying: "We have all the strategies on the table to get from 5,000 to 10,000 rooms. We are well on our way there."
The expansion strategy includes forming partnerships with state governments, establishing new resorts, brownfield expansions and acquisitions.
Singh emphasised the importance of public-private partnerships in achieving the company's growth objectives. In line with this approach, Mahindra Holidays has been actively investing in various regions.
Presently, the company is investing around Rs8.35bn for five greenfield, brownfield and acquisition projects, totalling 690 keys.
He continued, saying: “We are very confident this investment will get scaled to at least Rs2,000 crore in the next year, and very quickly we will scale it up to Rs40bn–45bn in three to four years because you need to deliver 5,000 keys by 2030.”
“We are also, at this moment in time, engaged with the Odisha Government and we have been allotted two pieces of land that will help us to invest at Rs5bn if not more in Odisha."
He added that the company is still looking at another piece of land in the Puri area.
Earlier this year, Mahindra Holidays announced a $96.4m investment in Tamil Nadu to construct three greenfield resorts over the next five to six years.
This follows a larger investment of $120.5m in Uttarakhand made last year, showcasing the company's commitment to expanding its resort portfolio.
As of last June, Mahindra Holidays operates 102 resorts across India and internationally.
Its subsidiary, Holiday Club Resorts Oy in Finland, has 33 timeshare properties, which include nine spa resorts located in Finland, Sweden and Spain, further extending the company's global presence in the hospitality industry.
