Mahindra Group sharpens focus on holidays and lifespace sector

New Delhi [India], August 10 (ANI): The Mahindra Group on Monday announced a dedicated strategic focus on its Holidays and Lifespaces businesses to accelerate growth and realise operational synergies, and appointed Mahindra Lifespace Developers Limited (MLDL) MD and CEO Amit Kumar Sinha as CEO of the newly focused sector.
The group said its real estate business, Mahindra Lifespaces, has emerged as one of its standout Growth Gems, with residential pre-sales increasing five-fold since FY20 to around Rs 3,500 crore from nearly Rs 700 crore.
Over the last three years, the company's gross development value (GDV) has also increased from Rs 8,000 crore to Rs 50,000 crore, while the business has progressed from losses to a profit of around Rs 300 crore in the previous financial year, according to the company.
Mahindra Lifespaces' industrial segment has also delivered strong performance during the period, the company said.
Meanwhile, the group's hospitality business, Mahindra Holidays, has also recorded significant progress, with more than 3 lakh vacation ownership members and an addition of over 1,700 rooms.
The company said Mahindra Holidays is expanding beyond vacation ownership into leisure hospitality, with an aspiration to become a leading hospitality player in India. It has also launched Mahindra Signature Resorts as part of its entry into the luxury hospitality segment.
"Both Holidays and Lifespaces businesses have tremendous potential. As we move into the next phase of growth, we have been evaluating how to harness the synergies between them to further strengthen the growth trajectory," Mahindra Group CEO and MD Anish Shah said.
He added that the dedicated strategic focus on the Holidays and Lifespaces sectors is aimed at accelerating growth and realising operational synergies across the identified Growth Gems.
The group has been focusing on identifying businesses with strong growth potential and scaling them as part of its broader growth strategy.
The appointment of Sinha as CEO of the Holidays and Lifespaces sector is subject to the appointment of a new CEO at Mahindra Lifespaces, following which the new leadership structure will be implemented. (ANI)