Nirula's to embark on an expansion spree
Quick service restaurant chain Nirulís, has announced to gear up its expansion plans by entering 7-10 more cities, a top company official said.
May 17, 2010 | comments ( 0 ) |
Quick service restaurant chain Nirul’s, has announced to gear up its expansion plans by entering 7-10 more cities, a top company official said.
Samir Kuckreja , Chief Executive Officer and Managing Director, Nirula's said that this year, the company will open 80 Metro Express Outlets in Delhi and 20 more ice-cream parlours along with other formats to take the tally to 200.
For this, the company would need Rs 15 crore, which would be raised through internal accruals, equity infusion and debt.
He added that Nirula’s will have a combination of all these. Moreover, the company has a successful franchise model and money will be raised in that way as well. The company is giving franchises not in a shop-to-shop model, but either region-wise or state-wise.
He said that Malaysia-based private equity firm, Navis Capital Partners, which is a major stake holder in Nirula's, will infuse equity for expansion. The company does not have any plans for an IPO soon. PE firm has invested for the long-term.
Nirula's is one of India's oldest restaurant chains with over 75 outlets across North India
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