INDIA Hospitality Corp (IHC) is buying Mumbaiâ€™s Mars Restaurants from
Malaysian private equity fund Navis Capital Partners. It also has the
option to buy restaurant chain Nirulaâ€™s from Navis by the year-end. IHC
is a special purpose acquisition corporation (SPAC) promoted by two
US-based entrepreneurs, hospitality sector investment and research
analyst Jason Ader and entrepreneur-designer Andrew Sasoon, to acquire
Indian businesses or assets in the hospitality and related industries.
IHC bought Mars and its sister airline catering company Sky Gourmet
Catering for $110 million. Navis can also re-invest up to $75 million
in IHC, which will take its stake in the company to approximately
20.7%. â€œThis deal allows Navis to retain management control of the two
companies and some shares of IHC,â€ said IHC India head Vivek Narayan.
Last year, Navis had bought Nirulaâ€™s and Mars from their respective promoters â€” the Nirula family and Sanjay Narang â€” in two separate transactions. The SPAC recently raised $100 million on Londonâ€™s Alternate Investment Market (AIM) to invest in Indiaâ€™s restaurant business.
India has grown to be a highly regarded destination for international trade in recent years, and the pandemic has only caused greater interest in India in this aspect. According to figu More
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