Malaysia-based private equity Navis Capital Partners has taken complete control of homegrown fast food chain Nirula's after buying out its co-owner Samir Kuckreja's stake.
Kuckreja confirmed his exit to ET, but declined to comment on sale of shares.
"I am exploring business opportunities within the hospitality sector...nothing has been finalised yet," Kuckreja, whose association with Nirula's lasted six years, said. A person close to the company said Kuckreja was holding a minority share of less than 10 per cent in the restaurant chain. This could not be verified. Commenting on Kuckreja's exit, Navis Capital Managing Partner Nicholas Bloy said in a statement: "Samir has been an integral part of the company, and was instrumental in growing the brand." Nirula's was among the first fast-food chains in the country which made 'big boy burgers' and 'hot chocolate fudge' famous. It also pioneered the concept of family-style restaurant when it opened its first outlet in Delhi in 1934.
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"I am exploring business opportunities within the hospitality sector...nothing has been finalised yet," Kuckreja, whose association with Nirula's lasted six years, said. A person close to the company said Kuckreja was holding a minority share of less than 10 per cent in the restaurant chain. This could not be verified. Commenting on Kuckreja's exit, Navis Capital Managing Partner Nicholas Bloy said in a statement: "Samir has been an integral part of the company, and was instrumental in growing the brand." Nirula's was among the first fast-food chains in the country which made 'big boy burgers' and 'hot chocolate fudge' famous. It also pioneered the concept of family-style restaurant when it opened its first outlet in Delhi in 1934.
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Search Banquet Manager Jobs in Singapore>