Gate Gourmet Acquires 74% In IHC's Airline Catering Firm Skygourmet For $39 Mn
by Deeshesh Chheda
India Hospitality Corp. (IHC) has sold 74% stake in its wholly-owned airline catering company @Skygourmet Private Limited to Switzerland-based Gate Gourmet, a member of Gategroup Holding AG for $39m in cash.
IHC will continue have a 26% in Skygourmet and is also entitled to proceeds from land sale in Delhi.
With this deal, Gategroup plans to expand in the Indian fast growing market, where air traffic has been increasing at an average of some 20% recently.
IHC has informed the transaction implies an enterprise valuation for the whole of Skygourmet at about $92 Mn. This implies, that the remaining amount may have gone towards adjusting debt of the firm.
The proceeds of the sale will be used by IHC to continue developing its hospitality and restaurant businesses.
Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.
DealCurry tracks financial and corporate markets for events, interprets and integrates the information in our platform, providing premium data, news and analytics. DealCurry provides comprehensive coverage of the capital markets through an intuitive, user-friendly interface.