Mahindra Group has named Amit Sinha, currently the Managing Director and CEO of the group's real estate and infrastructure business, Mahindra Lifespaces Developers Ltd (MLDL), as CEO of its Holidays and Lifespaces sector. Along with this, the Mumbai-based conglomerate has announced a dedicated strategic focus on its holidays and lifespaces sector. The group identifies the verticals as "growth gems" for them to accelerate future growth.
Sinha will be appointed as CEO-Holidays and Lifespaces Sector from a future date to be determined. He will move into this role once a new CEO is appointed at Mahindra Lifespaces.
The leadersh ip and reporting arrangements for the relevant businesses will be aligned as part of the implementation of the new sector structure.
“Over the last 5 years, our Group has seen significant momentum across all its businesses. An important pillar of this growth has been our “Growth Gems”. Several of these businesses have surpassed the 5X growth expectation over this period and are well positioned to achieve further growth,” said Mahindra Group in a statement on Monday.
The real estate business, Mahindra Lifespaces, has seen the residential pre- grown 5X since FY20 from Rs 700 crore to Rs 3500 crore. In the last 3 years alone, the business has grown its gross development value (GDV) from Rs 8,000 crore to Rs 50,000 crore, which sets it up to achieve 14X pre-sales growth in this decade.
The Industrial segment of the business has also delivered strong performance during this period. Overall, the business has progressed from losses to profits of Rs 300 crore in the previous financial year. Mahindra Holidays has also made significant progress, said the Group. With over 3 lakh vacation ownership members, the business has added over 1700 rooms.
"Both Holidays and Lifespaces businesses have tremendous potential. As we move into the next phase of growth, we have been evaluating how to harness the synergies between them to further strengthen the growth trajectory,” said Anish Shah, Group CEO & MD, Mahindra Group.
