Arvind Nair quits as promoter-investor conflict escalates.
Arvind Nair, CEO and Director, Sagar Ratna, a South Indian chain of restaurants has quit the chain as well as private equity partner fund, India Equity Partner (IEP) that operates the food brand as a tussle between the investor and the promoter.
According to a media report, Arvind nair, said, "I am exiting IEP and hence Sagar Ratna by December-end.”
Sagar Ratna is valued at close to Rs 200 crore. While IEP holds 75 percent stake in Sagar Ratna, Nair holds less than five percent and Jayram Banan, the chain's promoter and his family holds the remaining stake. Banan set up Sagar Ratna in 1986 in Delhi and subsequently, the chain has expanded to Haryana, Himachal Pradesh, Punjab, Rajasthan and UP.