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| Speciality Restaurants plans Rs 150-crore expansion |
| BS Reporter / Chennai Jan 11, 2010, 00:35 IST |
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Speciality Restaurants Private Ltd, which runs restaurant chains like Mainland China, Sigree, Oh! Calcutta, Machan and Flame and Grill, is planning to dilute its equity by up to 30 per cent to raise money for its expansion plans, besides planning an initial public offer (IPO).
The company also said it was planning to acquire a restaurant in South India, which would cost around Rs 100 crore.
Speciality Restaurants Managing Director Anjan Chatterjee said the company was planning to invest around Rs 150 crore to expand its flagship brand ‘Mainland China’ to over 100 outlets in the next two years from the present 32. “We are also interested in region specific cuisine. We are negotiating with a leading South Indian restaurant chain for acquiring the same,” he said. The company is looking at firms which have a turnover of around Rs 100 crore.
The company plans to fund its expansion plans through debt and equity. “We already have a private equity partner Saif, who has taken 20 per cent and we are planning to go up to 30 per cent to raise more money. We may also go for an IPO in the next 24-36 months,” said Chatterjee.
The group is also planning to set up its second Institute of Oriental Catering and Hotel Management in Chennai with an investment of around Rs 25 crore. The new institute is coming at Sriperumbudur near Chennai. Initially, the institute will have 200 seats across various courses, including a one-year certificate course, two-year diploma course and a three-year degree course in restaurant and hotel management.
The group has already established an institute in Kolkata.
Commenting on the overseas expansion, Chatterjee said, the group is already operating a restaurant in Beijing and is planning to open one in Dhaka during this month and Nepal facility is in the construction stage.
The new markets which the group is looking to foray is London, US and Dubai, added Chatterjee.
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