Cox & Kings Ltd yesterday said it will invest over Rs 1,230 crore in the next four years as part of its global expansion plans, the PTI reported. “We will be investing around EUR 120 million (over Rs 936 crore) for expansion of our Meininger Hotels globally and another Rs 300 crore for opening of PGL centres in India in next four years,” Peter Kerkar, Director, Cox & Kings said.
The company will be adding 18,500 new beds in Meininger Hotels to the present bed strength of 7,500 beds. The new hotels will be in the UK, Europe, America and India, he added.
"We will also be investing around Rs 300 crore to open five PGL centres in India in next four years. PGL's largest area of business is school trips and educational travel," Kerkar informed. The capital for this investment will be raised through internal accruals.
The five new PGL centres will have an area ranging from around 25 acres to 150 acres depending on the location. "While three PGL centres will come up at places near Mumbai, near Delhi, near Jaipur, there will be one centre in Gujarat and one in the hills," Kerkar said.
The company currently has 33 PGL centres. There are 21 centres in the UK, two centres in Spain and ten in France. PGL centres are a part of Holidaybreak, a subsidiary of Cox & Kings.