Following the success of its speciality restaurant chains, the Sanjay Narang-promoted Mars Restaurants has decided to take some of its brands such as Dosa Diner and Roti global.
"We have decided to open 60 outlets of Dosa Diner and Roti in the US, the UK, Singapore and Dubai. The investment required for the project is estimated at about $ 10 million," Sanjay Narang said.
However, hotel industry sources said it was a difficult task to crack the tough US market.
Narang, widely recognised as the chic face of food enterpreneurship, has kicked off a chain of eateries that include Dosa Diner, Trim With Taste, Roti, Just Around The Corner, Pizzeria, And Not Just By The Bay and Birdy's. His concept is to sell a complete lifestyle to people and not just food. Of the $100 billion growth forecast in the US food and beverage market by 2005, about $80 billion will be in food services, analysts said.
The company has decided to divest part equity stake to a strategic investor. Narang said: "We are currently in discussions with some investors to offload part of the additional stake in the company."
The divestment could be anything between 26 and 49 per cent. Earlier, the decision was to bring in capital through an initial public offering (IPO). "Given the current stock market conditions, we have shelved our plans for a IPO," Narang said.
ICICI Ventures already has a 28 per cent stake, which was picked up for Rs 20 crore. The deal effectively gives the company a valuation of around Rs 75 crore.
Mars is buying out the Tata group's hospitality flagship Indian Hotels' 50 per cent stake.
