Mirah Group To Go For Maiden PE Funds
Mirah Group, owner of well-known resto chain ‘Rajdhani Thali’ and QSR chain Falafels, is planning to raise PE funds to expand its Citrus chain of hotels, which would mark the first such fund raise for the group as stated by Mint.
The group also plans to expand its F&B business through own funds and MD Gaurav Goenka did not reveal the amount of funds that will be raised.
He added the company’s plan to add nine more Citrus hotels to the existing eight for which the land has been acquired and that cost of construction for a single room in the hotel comes up to around R75 lakh.
The group has outlined R200 Cr expansion plan as such:
- Bi-level expansion of its Mad Over Donuts outlets to 74 by March next year and 200 by 2014 from the current 45.
- Undertaken expansion plans for its various resto brands – Manchester United Café Bar and Restaurant, Falafel’s, Palette and Café Mangii.
- Launch of company-owned stores for bringing Ping Pong to India (part of British firm Ping Pong Group), a chain known for dim sums.
Two years back Mirah group added two famous brands under its hood which include the ‘Rajdhani Thali’, bought from Encore Hotels Pvt. Ltd. and a 33% stake buy in Mad Over Donuts (MOD), owned by Singapore based Pragati Ventures Pvt. Ltd.
Mirah group describes itself as a diversified player engaged in real estate development, hospitality, travels, wind energy generation, computer education, textiles, corporate gifts and international trading.
Soham Realty has tied up with the Mirah Group to develop high end iconic tower properties and luxury townships that are targeted at the HIG and HHIG segment of housing.
In the hospitality space recently Morgan Stanley was planning to exit IHHR Hospitality by selling its 26% stake to Choudhrie family, largest shareholder in IHHR.
Historic Hotels had planned to raise R150 Cr through PE for expansion purposes and APG was set to invest R650 Cr in Warburg Pincus backed Lemon Tree Hotels in May.
Verlinvest SA, a fund created by the three founding families of beer conglomerate Anheuser-Busch InBev had acquired 20% stake in Cuisine Asia, a Mauritius-based holding company of Everstone Capital's restaurant investments, which includes Blue Foods with brands like Noodle Bar, Bombay Blue and Copper Chimney in February this year.
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