Navis Capital Partners, Kuckreja acquire Nirula's

New Delhi, July 1: Nirula's has changed hands with Malaysia based private equity fund Navis Capital Partners and Samir Kuckreja buying out north India's well-known family restaurant chain.

''A 100 per cent acquisition of the Nirula's group of companies has been completed with effect from June 30, 2006'', a company spokesman said here today.

Mr Kuckreja has been appointed as the Managing Director of the company which plans to aggressively grow its restaurants, ice cream parlours and cake shops nationally under the Nirula's brand name.

Navis Capital Partners is a eight-year old private equity fund based in Malaysia. It currently manages 500 million dollar in capital commitments and it has interests in various sectors including hospitality, food processing, car rental, outdoor media and others in eight countries across Asia, he said.

Established in 1934, Nirula's today is a diversified group having a chain of business hotels, casual dining restaurants, family style restaurants, ice cream parlours, pastry shops and food processing plants in India.

The chain with over 60 outlets operating in five states successfully caters to the Indian palate of over 50,000 guests every day.

UNI