Mahindra plans to enter budget resorts sector

CHENNAI, INDIA Mahindra Holidays & Resorts Ltd. is planning to enter the budget resorts sector.

The timeshare company, which to date has targeted primarily on upper-middle-class Indian travelers, looks to expand its offerings to include downmarket properties, Managing Director Ramesh Ramanathan says. Speaking at the company’s annual meeting this week, he declined to offer specifics on Mahindra’s budget resorts plan.

Mahindra Holidays issued an IPO a year ago that raised approximately US$38 million, funds which helped construct projects in Kerala, Karnataka, Tamil Nadu, Maharashtra and Himachal Pradesh.