INDIA BUSINESS WORLD - JULY - AUGUST - 2007
The Month that was ...

INDIA HOSPITALITY CORPORATION COMPLETES ACQUISITION OF MARS, SKYGOURMET

India Hospitality Corporation, a firm listed on the AIM market of London Stock Exchange, said it has completed the acquisition of Mars Restaurants and airline catering firm Sky Gourmet for $110 million. The company announced that it has completed the acquisition from Navis Capital Partners and its affiliates of a hotel and restaurant firm, Mars Restaurants and Sky Gourmet Catering, which operates out of four locations. IHC's ordinary shares and warrants are expected to be re-admitted to trading on the AIM market on July 24, it informed the London Stock Exchange. Earlier, the shareholders had approved the acquisitions. They also approved possible future acquisitions by IHC's subsidiary - IHC Mauritius Corp, of Noida Opco or Nirula Group's quick service restaurant chain. Sanjay Narang, the founder of both Sky Gourmet and Mars, continues as the president of both the companies.