Mahindra Holidays and Resorts India Ltd, the country’s largest vacation ownership company and part of $15.9 billion Mahindra Group, has appointed S Krishnan as the new chief financial officer (CFO) of the company effective from January 1, 2014, the firm said in a BSE filing.
Krishnan will replace Aloke Ghosh, who has now resigned from the services of the company. Krishnan is a chartered accountant with over 25 years of experience and has held various positions in Mahindra Group in the past. His previous stint was with Mahindra Satyam as the chief financial officer.
In December this year, the firm divested stake in two Austria-based companies. The company informed that BAH Hotelanlagen AG and MHR Hotel Management GmbH will no longer be subsidiaries of the company.
The company owns and operates a number of resorts in countries outside India, including Thailand and Malaysia.
Earlier this year, in its bid to increase its presence overseas, the company acquired a 49 per cent stake in Dubai-based Arabian Dreams Hotel Apartments – a 75-room property.
Mahindra Holidays, which runs hotels and resorts under the Club Mahindra brand, has an inventory of 2,480 rooms among 44 resorts in India and overseas.
The company reported an 11 per cent increase in income at Rs 165 crore and a 12 per cent increase in profit after tax at Rs 27 crore year on year for the quarter ended September 30, 2013.
(Edited by Joby Puthuparampil Johnson)