Club Mahindra, the holiday company owned by Mahindra & Mahindra, said it purchased two non-operating companies that have started ‘villa construction’ business in Sweden.
The acquisition of the companies were done at a nominal price of 50,000 Swedish Kronas (Rs 4 lakh) each.
The two companies were established recently, in October last year, under Swedish laws.
“They were non-operating companies, and hence, their turnover have been nil. However, villa construction has been commenced,” Club Mahindra said.
The company said the purpose of the acquisition was to “carry out villa sales in Sweden”.
Club Mahindra already has a subsidiary in Sweden, known as Holiday Club Sweden AB, through which it already has some operations in the country. The new companies have been purchased under Holiday Club Sweden.
Club Mahindra has seven properties in nearby Finland, but none in Sweden.
The acquisition is likely to be a precursor to the construction of properties in the Nordic country, famous for its glaciers, mountains and snow.
The company, the biggest timeshare network in India, already offers its members the opportunity to do mountaineering, snow climbing and carry out other similar adventures via its properties in Finland.