Speciality Restaurants to buy stake in SK Restaurants

Speciality Group of Restaurants which runs chains such as Mainland China, Sigree and Oh Calcutta is planning to buy stake in celebrity chef Sanjeev Kapoor's SK Restaurants Pvt Ltd, stated a media report.

SK Restaurants, previously known as Indian Cookery has an enterprise value between Rs 300 crore to Rs 350 crore stated an investment banker.

Kapoor launched Indian Cookery four years ago by pooling in money from 25-30 investors. Promoters of health-club operator Talwalkars and local private-equity fund TVS Capital hold significant minority stakes in the unlisted company.

"Negotiations are on with all the investors. Since there are more number of people to deal with the transaction is taking time”, tells another banker.

Anant Gawande, who is part of the Talwalkars, denied any talks over selling shares in the company. For Speciality, expanding into newer categories and markets across India is the strategy going forward another person with knowledge of the development said.