Mahindra Holidays & Resorts India has said its subsidiary Caribia Service Oy, Finland has been liquidated from July 4, 2016.
“Caribia Service Oy, Finland, subsidiary of Holiday Club Resorts Oy, Finland, a step-down subsidiary of the company, has been liquidated with effect from July 4, 2016,” Mahindra Holidays & Resorts India (MHRIL) said in a filing to BSE.
All the assets lying in its books were transferred to Holiday Club Resorts Oy being the sole shareholder of Caribia, it added.
In another filing on BSE, MHRIL said Holiday Club Resorts has signed a joint venture agreement with City of Kuusamo for establishment of Tropiikin Rantasauna Oy.
“The object for formation of Tropiikin is to develop and control the property in the city of Kuusamo based on land lease agreement and to own the buildings located on the property,” MHRIL said.
HCR will be holding 50 per cent stake in Tropiikin, it added. Shares costing 62,500 Euros will be acquired at the time of the formation of Tropiikin, it added.