O2 Spa, one of the largest day spa chains, will set up wellness facilities in Andhra Pradesh with an investment of $1.75 million over next three years.
The company announced on Thursday that it has signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh.
It plans to train 500 youths at the wellness facilities and absorb them, thus creating employment opportunities.
The MoU between O2 Spa and the Andhra Pradesh Tourism Development Corporation (ATDC) was signed at the Partnership Summit held in Visakhapatnam last week.
O2 Spa will set up facilities in Amravati, Vijayawada, Visakhapatnam and other places. The training will be provided by O2 Skills Academy.
“This partnership with the Government of Andhra Pradesh will enable us in reaching out and bettering the lives of many youths by appropriately skilling them and placing them in apt job opportunities,” said founder and Managing Director of O2 Spa, Ritesh Mastipuram.
“The Indian wellness industry is expected to grow at a compounded annual growth rate (CAGR) of 12 per cent 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,” he said.
O2 Spa is investing $15 million in expanding its operations in the country and aboard. The company plans to grow from its current base of 82 outlets in 18 cities to 150 outlets across 30 cities by the end of 2016-2017.