Mirah Hospitality to raise Rs 187 crore for expansion in India and abroad
06 Apr 2015
  • 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‚Äôs 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 Over Donuts.

  • 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.