Mahindra Holidays & Resorts India completes acquisition of HCR and HCR Management Oy, Finland

To make fresh investment of Euro 10 million

Mahindra Holidays & Resorts India announced that the Company has completed on 02 September 2015, the necessary formalities for increasing its stake to 83.20% in HCR through its overseas subsidiary. Consequent to this transaction, HCR and HCR Management Oy, Finland, became subsidiaries of the Company with immediate effect.

Further, as communicated earlier in the aforesaid Letter, the Company will make fresh investment of Euro 10 million in equity of HCR by second week of September 2015 and subsequent to that Company's stake will increase to 86.38%.

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