India’s oldest coffee chain may buyout its first CEO Ravi Deol’s company.
Ravi Deol, the first CEO of Barista in India, is in talks with the coffee chain to purchase his UK-based food services company Indian Hospitality Corp (IHC), stated a media report.
Deol was Barista's first chief executive when the Turner Morrison-founded company started the cafe culture in India in 2000, setting up 128 stores in India and three in Sri Lanka in his three-year term. The two sides seem to be stuck over the price though. Lavazza is looking to sell the 180 outlet chain for upwards of Rs 80 crore, but IHC considers that too steep.
According to media report, Deol said “IHC is constantly looking for consumer-led investment opportunities in India, but Barista may not be one of them.”