New Delhi: One of country’s largest food chain, Nirula’s is likely to change hands again with its current majority shareholder private equity firm Navis Capital getting into an understanding for selling its holding to New York-based India Hospitality Corp.
“Discussion (between IHC and Navis Capital) are at an initial stage and IHC may come as promoter cum strategic investor,” Nirula’s managing director Samir Kuckreja told PTI.
He declined to comment on the valuation of the company, but said he would continue to retain his stake in Nirula’s.
Last July Malaysia-based Navis Capital had acquired majority stake in Nirula’s from its founders Lalit and Deepak Nirula last year for an undisclosed amount, while Kuckreja also holds a minority stake in the venture.
Meanwhile, IHC said in a statement from New York that it has entered into an agreement with Navis and its affiliates to purchase Nirula’s, subject to certain conditions.
IHC said Nirula’s is a rapidly growing quick-service restaurant chain with strong brand recognition throughout the country.
Established in 1934, Nirula’s has diversified into a chain of business hotels, casual dining restaurants, ice cream parlours and food processing plants across the country.
The chain has over 60 outlets in more than five states and is estimated to cater over 50,000 customers every day.