Chennai: The Rs 44 crore ($1.1 million) Sayaji Hotels Ltd has decided to hive off its Barbeque Nation restaurant chain for more focussed and accelerated growth, the hotel group's top officials have said."As per our plans the restaurant business would require around Rs 250 crore by the end of the financial year 2008-09. We are looking out for private equity to the tune of Rs 50 crore," Sajid Dhanani, managing director of the hotel group, told IANS.
Dhanani, who was here to open the Barbeque Nation restaurant Wednesday, did not specify the timeframe by which the hive-off would happen.
According to him, the restaurant business will have a minimum value of Rs 250 crore.
While that is for the future, opening five Barbeque Nation restaurants till date - two in Bangalore and one each in Mumbai, Gurgaon and Chennai - Sayaji Hotels has plans to grow the business to 100 restaurants by the end of fiscal 2009-10, Dhanani said.
"We will have a pan India presence. We also have enquiries for opening outlets in Singapore, Britain and Dubai," said Prosenjit Roy Choudhury, CEO Barbeque Nation, who was present at the function.
source| http://sify.com/finance/equity/fullstory.php?id=14608456
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