Praveg Limited, founded in 2005, is an Indian company listed on the BSE that focuses on experiential hospitality, tourism, and event management. While it started primarily in event management, Praveg has since expanded into the hospitality sector, providing distinctive experiences through luxurious resorts, city hotels, and destination weddings throughout India.
Praveg Ltd., a provider of luxury hospitality services, announced the signing of a strategic inventory agreement with Mahindra Holidays & Resorts India Ltd., as disclosed in an exchange filing on December 20, 2024. This three-year collaboration will span prominent locations like Daman, Diu, and Ayodhya.
Under the terms of the agreement, Mahindra Holidays will secure a total of 70 rooms, which will include 35 fixed rooms and 35 floating rooms, at selected properties. Praveg Ltd. will retain the responsibility for the operation and management of these properties, ensuring the upkeep of high standards concerning service, amenities, and facilities.
The agreement enhances the operational capabilities of both parties, Praveg Ltd. stated in its announcement. It will also bolster Praveg’s presence in the market through collaborations with a reputable brand such as Mahindra Holidays, leading to increased revenue possibilities due to steady room bookings and high occupancy rates while also improving its standing in the industry.
For Mahindra Holidays, this collaboration facilitates the expansion of their presence in leisure destinations such as Daman, Diu, and Ayodhya and guarantees access to premium properties managed by Praveg Ltd.
“This partnership with MHRIL demonstrates our dedication to redefining hospitality standards and providing a blend of luxury and comfort for our guests,” Dr Vishnu Patel, Chairman of Praveg Limited mentioned.
Praveg Ltd. shares were traded at ₹739.75 per share, with a positive intraday move as of 10:30 AM on NSE. So far in 2024, the share is down 6.1% and has underperformed. Over the last five years, the stock has risen by more than 17,000%.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 23, 2024, 2:04 PM IST
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