Lite Bite Foods forms JV with HMSHost; to invest Rs 100 cr

Food and beverages retail firm Lite Bite Foods has formed a joint venture with HMSHost for operating outlets at travel destinations across India, envisaging an investment of around Rs 100 crore in next three to four years.
The JV, named as 'Lite Bite Foods HMSHost', will focus to develop travel retail destinations and will open outlets at airports, railway stations and highways across the country, the two companies said in a joint statement.
"The investment by the JV will be around Rs 100 crore in next three to four years to develop retail travel destinations," Lite Bite Foods Chairman Amit Burman told PTI.

While HMSHost will look into the operations side and bring suitable global brands, Lite Bite Foods will take care of business development for the joint venture, he added.
HMSHost will hold 51 per cent stake in the JV, while the rest 49 per cent will be with Lite Bite Foods, the statement said.
"This agreement represents each organisation's strong commitment to provide the best F&B retail experience to the consumers across all travel channels," Burman said.

The new company has a combined value of Autogrill's international expertise and experience and Lite Bite Foods' extensive local market, cuisine knowledge and network of established outlets, he added.

Burman said the expansion will be funded through internal accruals.
"This partnership is an important step forward in the strategy of expansion in emerging markets, especially in Asia, which the Group has been adopting in recent years," HMSHost International CEO Walter Seib said.
"The JV is targeting revenues of around Rs 500 crore in next four to five years," he added.
Lite Bite Foods has over nine core brands under its umbrella and has over 86 operational outlets. HMSHost is part of Autogrill S.P.A. - one of the largest provider globally of food and beverage services for travellers.