Praveg Ltd., the luxury hospitality services provider, has signed a strategic inventory agreement with Mahindra Holidays & Resorts India Ltd., the company said in an exchange filing on Friday, December 20.

The three-year partnership will be across prime destinations like Daman, Diu and Ayodhya.

As per the agreement, Mahindra Holidays will secure a total of 70 rooms, comprising of 35 fixed and 35 floating rooms, across select properties.

Praveg will continue to operate and manage the properties on an ongoing basis, maintaining high standards of service, amenities and facilities.

The agreement enhances the operational portfolio of both parties, Praveg said in its statement. It will also strengthen Praveg’s market presence through collaborations with an established brand like Mahindra Holidays, provides increased revenue opportunities via consistent room bookings and occupancy rates and also enhances its reputation.

For Mahindra Holidays, the partnership allows expansion of their footprint across leisure destinations like Daman, Diu and Ayodhya and ensures access to high quality properties operated by Praveg.

“This partnership with MHRIL reflects our commitment to redefining hospitality standards and offering a blend of luxury and comfort to our guests,” Praveg said in its statement.

Shares of Praveg are now trading 1.3% higher at ₹740. The stock is down 6.1% so far in 2024 and has been an underperformer. The stock has gained over 17,000% in the last five years.