Country Club undertakes major expansion plan

New Delhi, Mar 19 (UNI) Country Club India Ltd is on an acquisition spree having bought properties in cities such as Chennai, Pune, Delhi, Kochi, Kolkata, Ahmedabad, Vadodara and Surat over the last two months.

''The acquisitions amounting to Rs 96.04 crore are part of the strategic expansion plan undertaken by us to consolidate and strengthen our pan-India footprint,'' the company said in a statement.

'We currently own/operate 33 properties across the country,'' it added.

Most of the acquisitions in the aforesaid destinations have been of existing clubs or properties conducive for creating clubs.

The company will spend a considerable amount to refurbish these properties. Once refurbished, these new Country Clubs would offer amenities such as swimming pools, multi-cuisine restaurants, gymnasiums, squash/tennis courts, lounge bars, dhabbas etc.

The company has recently completed a Rs 486 crore GDR/QIP issue, priced at Rs 770 per share.

Global investment institutions such as Fidelity Investment International picked up 9.88 per cent equity in the company, while Goldman Sachs International and New Vernon picked up 6.59 per cent and 4.94 per cent equity respectively.

''The company has recently launched its first Spa in Hyderabad and proposes to set up such spas near Mumbai, Bangalore and Chennai,'' company Chairman V Rajeev Reddy said.

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