Buys 43 percent stake in Lebanese food chain.
Ronnie Screwvala, Founder, UTV Group Media and Entertainment, has bought 43 percent stake in Maroosh, a Mumbai-based Lebanese restaurant chain. According to a media report, while Screwvala declined to comment on the valuation, bankers estimated the deal to be in the range of Rs 40-50 crore.
Commenting on buying the stake, Screwvala said, "The younger generation today is about 'left-hand' eating as they want to multi-task. Only international players have made some dent in the market till now. Given the Indian background on food taste in the world, it's a shame we haven't been able to do that.”
Screwvala has routed his investment through Unilazer Ventures and plans to open 50 outlets by next year and over 300 outlets in another three to four years. Screwvala also plans to revamp the existing 14 restaurants of the group.
Ketan Kadam, Owner, Maroosh, said, "What Ronnie brings to the table is not just money, but also value creation for our brand. The investment is to make sure we get our back-end and ecosystem right as we expand.
The restaurant also plans a new logo and a revamped menu.