Mirah Hospitality to raise Rs 187 crore for expansion in India and abroad
- Gaurav Goenka-owned
Mirah Hospitality group is in plans to raise $30 million (Rs 187 crore) for
expansion and acquisitions.
- "The funds will be utilised for growing our current
portfolio, finding new associations and keeping a war chest ready to grab some
good brands," Goenka told ET.
- Currently, Mirah Hospitality’s portfolio include 45 outlets
under its brands such as Khandani Rajdhani, Cafe Mangii, Falafel and the United
Sports Bar and Grill, apart from being a strategic investor in restaurant
companies that own Masala Library, Farzi Cafe, Smoke House Deli, Social and Mad
- The company is aiming to bring more international brands into
the Indian hospitality segment. The group plans to take its flagship restaurant,
Khandani Rajdhani to overseas locations, including Singapore and Dubai, over
the next one year.
- Currently, it has a Rajdhani outlet in Oman. Mirah Hospitality,
which also owns the midscale Citrus Hotels & Resorts, will invest Rs 150
crore over the next three years to increase its portfolio to 40 hotels.
- "The hotel expansion will be done through a mix of debt and
equity," Goenka said, adding that the company is scouting for management
contracts to scale up its presence faster. The company will expand its hotels
in Mumbai, Delhi, Kolkata and industrial townships. Mirah Hospitality expects a
turnover of Rs 108 crore for the year ended March 2015.