Buys out JV partner Jiggs and Zorawar Kalra's stake.
Lite Bite Foods, the multi-restaurant chain run by Amit Burman, has bought out JV partner Jiggs and Zorawar Kalra's stake in Wrapster Foods. The deal has been inked for an undisclosed amount and the stakes have been merged with Lite Bite Foods.
Wrapster Foods, set up in 2008, runs fine-dining restaurant Punjab Grill and quick service chain Street Foods.
While Punjab Grill operates in Delhi-NCR, Mumbai and Bangalore, Street Foods has a presence mainly in the NCR. According to reports, Zorawar will continue as the Founder and CEO of both the specialty restaurants and that the expansion plans of the restaurants would not be impacted by the development.
Lite Bite Foods operates franchisee formats Subway, Pollo Campero and Pino's Pasta Pizza, own brands Zambar and Asia 7, quick service chains Rapps, Big Gulp and Bakers Street, besides Punjab Grill and Street Foods.