Mirah Group owned by Gaurav Goenka is in talks with potential partners to sell up to 49 per cent of its stake in food business.
Mirah Group owned by Gaurav Goenka is in talks with potential partners to sell up to 49 per cent of its stake in food business. The company is planning to raise up to Rs 350 crore to focus on its growth and expansion. Mirah Hospitality has a bouquet of brands including Khandani Rajdhani, Cafe Mangii, Falafel and United Sports Bar & Grill."The funds will be used to expand the number of the outlets of our restaurants and also make strategic investments and tie-ups. We are also looking to bring some foreign brands into the country," said Goenka, without disclosing the potential investors.
The group has also invested in some of the top performing restaurant chains like Masala Library, Farzi Cafe, Smoke House Deli, Social and Mad Over Donuts.
According to Goenka, the company will focus more on Rajdhani and Falafel brands. "It's become a staple diet for Indians and since the format allows faster growth, we can have around 200 outlets in the country," added Goenka.
Formed in 1986, Mirah Group, the parent company of Mirah Hospitality, has interests in food and beverages, hospitality, travel, timeshare, real estate, insurance and entertainment. Mirah Group is also planning to take the number count to 120 over the next five years from 42 at present, with an investment of about Rs 150 crore.
Besides, the group, which also owns the midscale hotel chain Citrus Hotels and Resorts, plans to invest nearly Rs 200 crore to increase its hotel count to 40 over the next three years from 17 at present.