India Hospitality Corp (IHC) said it will acquire Mars Restaurants and airline catering firm SkyGourmet for around 110 million dollars to set up a diversified hospitality company in India.
IHC said in a statement it has entered into an agreement with private equity firm Navis Capital Partners and other shareholders of the two companies for the acquisition.
Under the agreement, the sellers would receive around 110 million dollars, of which about 91.6 million dollars would be paid in cash and the balance in IHC ordinary shares on completion of the transaction. Affiliates of Navis Capital and Sanjay Narang, the founder of both SkyGourmet and Mars, will continue to play an active role in the management, it added.
(Source: Financial Express)
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