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 per cent stake in the Finnish company with a right to increase its ownership over a period of two years.
($1 = 0.7345 Euros)
Copyright: Thomson Reuters 2014
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