New Delhi: Hospitality firm Jukaso Group will invest up to Rs 600 crore as part of its expansion plans that include acquiring properties in Europe as well as in the domestic market.
The company has also forayed into the vacation membership segment under 'Journeys by Jukaso' brand enabling members to go on annual holiday over a number of years after paying a one-time fee.
"We will be investing up to Rs 600 crore for expansion in Europe and India," Jukaso Group Chairman Rajiv Khanna said.
Out of this Rs 400 crore is earmarked for expansion in Europe in the next two years and Rs 200 crore will be for the domestic market, he added.
"In Europe, we are looking at properties in London, Athens, four more locations in Switzerland, Paris, Vienna and Barcelona among others," he said.
Within the country we are looking at places like Coimbatore, Shirdi, Backwaters in Kerala, Pahalgam and Srinagar in J&K and a tea estate in Darjeeling, he added.
When asked how the company proposed to raise the funds for expansion, Khanna said: "It will be done through internal accruals. We are a zero debt company."
The company also has plans to launch initial public offering (IPO) by 2017, he said.
Commenting on the group's foray into the vacation membership business, he said the segment in India is presently at a nascent stage and offers a huge potential for growth.
"There are currently only 3 lakh vacation members in India. It is underdeveloped at present," Khanna said.
The company plans to charge between Rs 1.8 lakh to Rs 8 lakh for a membership for 25 years.
The group currently operates 15 properties in Delhi, Gurgaon, Pune, Mumbai, Visakhapatnam, Varanasi, Dharamshala, Corbett, Mahabaleshwar among others, besides the overseas location Switzerland.