Organised day-spa chain O2 Spa today said it has signed an agreement with Andhra Pradesh government that will see an investment USD 1.75 million for a period of three years creating employment opportunities there.
Organised day-spa chain O2 Spa today said it has signed an agreement with Andhra Pradesh government that will see an investment USD 1.75 million for a period of three years creating employment opportunities there.
Under the MoU with Andhra Pradesh Tourism Development Corporation, the investment will be made for setting up of O2 Spa facilities across AP where the youth from the state will be trained and absorbed, thus creating employment opportunities, a release issued here said.
"The Indian wellness industry is expected to grow at 12 per cent annually for the next five years to achieve a Rs 1,50,000 crore turnover by 2019-20. The growth and requirement of the industry will continue to see an upward curve and so will the opportunity for skilled youths. This partnership with the Andhra Pradesh government will enable us in skilling youth and placing providing them with job opportunities," O2 Spa Founder and Managing Director Ritesh Mastipuram said.
O2 Spa will set up facilities across cities like Amravati, Vijaywada, Vizag to name a few within the next three years.
Meanwhile, O2 Spa is investing USD 15 million in expanding its operations in the country and aboard.
The company will grow from its current base of 82 outlets in 18 cities to 150 outlets across 30 cities by FY17.
The expansion plans include addition of about 30 outlets in tier I and 60 outlets in tier II cities in India and more than 10 outlets abroad.
O2 Spa operates in five different formats that includes airports, malls, luxury hotels, standalone properties and luxury trains.
In the last six months alone, O2 Spa has added over 25 facilities and currently has 82 outlets in 18 Indian cities and nine facilities across the Middle East.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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