Nirula’s receives investment proposals; appoints banker

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Nirula’s, one of country’s catering services major with presence predominantly in NCR has appointed an investment banker to explore proposals from globe’s potential and biggest M&A dealmakers for successful mergers and acquisitions formula for successful biz investors, according to media reports. However, reports claimed that there is no likelihood of change in the company’s shareholding pattern in the immediate future.

“The company has always been attractive to potential investors and continue to be approached with several investment proposals all the time. In order to manage such queries and explore the proposals, we have appointed an investment banker,” Samir Kuckreja, chief executive officer and managing director, Nirula’s quoted in the reports.

His statement came in the wake of reports regarding plans by the Malaysian equity firm Navis Capital Partners to sell off its stake in the restaurant chain. Kuckreja, however, did not name the investment banker recruited by the company. Navis Capital Partners owns a majority stake in Nirula’s while Kuckreja is the other stakeholder.

Nirula’s, the pioneer of family style restaurant business, currently operates 60 outlets in North Indian states and plans to take the numbers to 200 with an investment of Rs 1.5 billion by end of 2009.

— IndiaRetailing Bureau

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