Navis puts Nirula’s on the block - report

Two sources told LiveMint that Navis was in talks with a Mumbai-based hotelier, just days after it acquired the remaining shares it did not already own in Nirula's.

"The two parties are seriously involved in talks for the sale," said one source, while the other claimed that Navis' move to wholly acquire the chain was designed to smooth the progress of the sale.

Last week, Navis bought the stake held by the Delhi-based company's co-owner, Samir Kuckreja.

The PE firm first acquired a majority stake for INR900 million ($19.65 million) in 2006. In 2010, it provided a cash injection of INR300 million, and secured another INR200 million through debt and sales of franchise rights to help fund expansion into 7-10 cities across the subcontinent. It planned to add a total of 125 shops and other outlets nationwide that year, including 80 in Delhi.

Established in 1934, Nirula's operates the eponymous restaurants, the Nirula's Potpourri casual dining outlets and two hotels, and is present in more than 85 locations across Delhi and NCR, Uttar Pradesh, Maharashtra, Madhya Pradesh, Uttaranchal, Haryana, Rajasthan and Punjab.

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• Topics
• Exits
• South Asia
• Consumer
• Navis Management
• India
• Consumer
• Exit