Country Club Plans Pan India Foot Print, Undertakes Major Expansion

Country Club India Ltd has announced that the company, is on an acquisition spree having brought properties in cities such as Chennai, Pune, Delhi, Cochin, Kolkatta, Ahmedabad, Vadodara and Surat during the past two months.

The acquisitions amounting to Rs 96.04 crores are a part of the strategic expansion plan undertaken by the Company to consolidate and strengthen its pan-India footprint. The Company is currently owns/operates 33 properties across the country.

Armed with war chest of Rs 486 crores through a recently completed GDR/QIP issue, the Company has set a scorching pace for itself. The GDR/QIP issue, priced at Rs 770 per share, evinced tremendous response. Leading global investment institutions such as Fidelity Investment International picked up 9.88% equity in the company, while Goldman Sachs International and New Vernon picked up 6.59% and 4.94 % equity respectively.

According to the Company Chairman Mr. V Rajeev Reddy, the expansion has initiated on account of the fact that clubbing has become more or less a way of life in metros.

Further the Company has recently launched its first Spa in Hyderabad which has been received an overwhelming response. The Company proposes to set up such spa’s near Mumbai, Bangalore and Chennai

Mr. Reddy pointed out most of the acquisitions in the aforesaid destinations have been of existing clubs or properties conducive for creating clubs. The Company would spend a considerable amount to refurbish these properties and bring them up to the Country Club standards. Once refurbished, these new Country Clubs would offer state of the art club amenities such as swimming pools, multi-cuisine restaurants, gymnasiums, squash/tennis courts, lounge bars, dhabbas etc.