| Indage Hotels, part of the wine major Chateau Indage Group, is likely to acquire two high-street restaurant and lounge bars in Central London for about $8-10 million, according to a report in Economic Times.
The Chougule family already operates lounge bar chain Athena across five cities in India . It is learnt to be in advanced talks to buy out two properties located at Central London's Mayfair and Park Lane . The two properties will be pan-Asian in character.
"We are hopeful of closing the deal soon. It could be worth around Rs 35 crore ($8.5 m) , according to the MD of Indage Hotels, Vikrant Chougule.
When delWine contacted Mr. Vikrant Chougule, he refused to divulge any further information. 'Unfortunately we are in the final stages of the deal in the UK and have entered into a confidentiality contract with the other party and cannot reveal details until the agreement is signed,' he informed Mr. Subhash Arora, editor of delWine.
'All I can tell you that one establishment is on Park Lane and the other near Berkeley Square in Mayfair ,' he added
This step is part of the company's globalisation programmes. It plans to enter US market next with five properties in Virginia , where it is looking around for real estate currently.
'As far as the American venture is concerned, we will be doing 5 restaurant bars which are Asian in character in the state of Virginia in the next financial year. They will have a separate brand which will be developed for the US market,' added Vikrant.
Indage Group is India 's leading wine producer and is a public limited company.
Indage Hotels already operates five restaurant lounge bars named Athena. It also manages about 10 wine bars in Maharashtra . It also represents the South African fast casual food chain Nando's in India as its Master Franchisee.
As part of the overseas plans, Mr Chougule added that the company will also look at entering Dubai soon.
Source: http://economictimes.indiatimes.com |
