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US based PE fund acquires controlling stake in Sagar Ratna hotels
Posted On: 11-08-2011 00:00:00 11

India Equity Partners (IEP), a New York based independent private equity firm has acquired a controlling stake in Sagar Ratna Hotels Pvt Ltd, for Rs 180 crore.

The new entity will retain the Sagar Ratna founder Jayaram Banan as chairman, while the operating partner at IEP, Arvind Nair will be the CEO, and Gaurav Mathur, the founder and MD of IEP, will be the non-executive director.

As per media reports, the new funds will be utilised towards expansion and revamp. The format of the existing 70 restaurants will be overhauled, and another 200 outlets will be added to the chain.

The Sagar Ratna Hotels Pvt Ltd reportedly posted a net profit of Rs10 crore on sales of close to Rs 70 crore in the year ended March. The Company had been on the block for over a year and several potential investors were in talks to buy the firm.

 
 
 

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