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Leisure infrastructure company Country Club India Ltd plans to buy properties in Europe. To start with, “we are on the look out for one in London,” said Mr Rajeev Reddy, Chairman and Managing Director of the company.
Last week, the company released advertisements in the local London dailies Daily Mail and Metro , seeking an operational club, golf club or a hotel in and around London. Mr Reddy says this has elicited “excellent response” and Country Club may shortlist a couple of properties soon. “This is the right time to buy properties in London as they come at a relatively cheaper price now,” he said.
According to him, the company's wholly-owned subsidiary — Country Vacations LLC (Dubai) — has budgeted Rs 100 crore for the purpose.
Three years ago, Country Vacations acquired a 100-room hotel, Chelsea, in Dubai for Rs 175 crore. “The property is doing well, and has become our flagship property, contributing more than 30 per cent of our top-line and 80 per cent of the bottom-line,” he said.
For the year ended March 31, 2012, the company reported a net profit of Rs 46 crore on a turnover of Rs 352 crore. Its West Asia operations accounted for a net profit of Rs 37 crore on a turnover of Rs 115 crore.
It currently has Rs 250-crore debt, “and intends to become a debt-free entity in the next few years”, said Mr Reddy.
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