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Mahindra Holidays


Exhibit 16: Short-term Lease Resorts

Poovar, Kerala Panchgini, Maharashtra

20 20

Mahabaleshwar, Maharashtra Kodai Hill Country, Tamil Nadu

10 16

Corbett, Uttaranchal

Total Source: Company RHP, Angel Research

6 72

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E-mail: research@angeltrade.com

Website: www.angeltrade.com

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June 23, 2009


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