Mahindra Holidays to pay 13 mn euros for stake in Finnish company

Mumbai: Mahindra Holidays and Resorts India Ltd will pay 13 million euros ($17.7 million) for a stake in Finnish vacation ownership company, Holiday Club Resorts Oy, a company executive told reporters on Monday.

Mahindra Holidays will pay an initial amount of 3 million euros in cash and the remaining 10 million euros from existing shareholders, Chairman Arun Nanda said.

The Indian company, part of the $16.7 billion Mahindra Group, said earlier on Monday that it plans to buy an 18.8 percent stake in the Finnish company with a right to increase its ownership over a period of two years.