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Mahindra Holidays & Resorts India Ltd. Company History and Annual Growth Details

Our Company was incorporated in September, 1996 in Chennai as Mahindra
Holidays & Resorts India Private Limited. The status of our Company was
changed to a public limited company by a special resolution of the members
passed at a shareholders meeting held on January 29, 1998. The fresh certificate
of incorporation consequent on change of name was granted to our Company on
April 17, 1998 by the RoC.

An agreement dated August 27, 2006, was executed between our Company and
Ashtamudi Resorts Private Limited wherein the entire share capital of Ashtamudi
Resorts Private Limited was purchased by our Company. Our Board of Directors
gave approval to amalgamate Ashtamudi Resorts Private Limited, our wholly-owned
subsidiary with our Company. The High Courts of Madras and Kerala approved the
amalgamation of Ashtamudi Resorts Private Limited with our Company with effect
from July 1, 2007, by orders dated February 19, 2008 and February 7, 2008,
respectively.


Key Events and Milestones

Date Event

September, 1996 Incorporation of Mahindra Holidays & Resorts India Limited.

February, 1997 Acquired land at Varca Village, Goa

April, 1998 MMJ Resorts and Holidays Private Limited was amalgamated into our
Company with effect from April 1, 1998 pursuant to Madras High Court
order dated April 23, 1999 February, 1997 Launched our first individual
product 'Club Mahindra Holidays Unlimited'

April, 1998 First resort opened at Munnar

December, 1999 Second resort opened at Goa

November, 2000 Acquired land in Binsar

April, 2001 Opened resort at Manali

April, 2001 Mahindra Sega Entertainment Corporation Ltd was amalgamated into
our Company with effect from April 1, 2001 pursuant to Madras High
Court order dated April 30, 2002

May 2001 Corbett resort opened

December, 2002 Acquired land in Coorg

January 2003 First Club Mahindra Holiday World opened in Chennai

March, 2004 Number of vacation ownership members was 20,536

2004 Receives ISO 9001:2000 certification for its property at Lakeview Munnar

Foodworld's chief rejoins Mahindra Holidays

March, 2005 Entered into long-term lease for an international resort in Pattaya,
Thailand

March, 2005 Number of vacation ownership members was 28,491

March, 2005 Club Mahindra Kodagu Valley resort was opened in Coorg, Karnataka

November, 2005 Acquired land in Puducherry (formerly Pondicherry)

March, 2006 Number of vacation ownership members was 38,691

December, 2005 Acquired land in Lonavala

August, 2006 Invested in Ashtamudi Resorts Private Limited

October, 2006 Launched 'Club Mahindra Fundays'

November, 2006 Acquired a resort in Manali

November, 2006 Launched 'Zest', a product to cater to short break holiday needs

January, 2007 Launched clubmahindra.travel, our travel related services

March, 2007 Number of vacation ownership members was 53,101

May, 2007 Opening of Club Mahindra Backwater Retreat at Ashtamudi

October, 2007 Entered into long-term lease for a resort at Auli

May, 2008 Launched Zest @ Big Beach, Puduchery, first signature resort for Zest

June, 2008 Club Mahindra.travel received International Air Transport Association
accreditation


July, 2008 Zest @ Casa Deep Woods, Masinagudi taken on lease

July, 2008 Mahindra Homestays Launched

September, 2008 MHRIL and the Kerala Government entered into a strategic alliance
for a period of 5 years to develop, promote and market homestays
overseas and in India

September,2008 Acquisition of Club Mahindra Tusker Trails, Thekkady

October, 2008 Club Mahindra Dancing Waters, Naukuchiyatal taken on lease

March, 2009 Number of vacation ownership members was 92,825

April, 2009 Club Mahindra Whispering Pines, Mashobra taken on lease

May, 2009 Club Mahindra.travel was approved as an 'ACTIVE' Member of
Travel Agents Association of India for the year 2009-10