Asia-focused private equity firm New Silk Route said Monday it has invested INR3.60 billion for an undisclosed stake in Coffee Day Resorts.
“The Coffee Day Group…is emerging as an attractive aggregation of businesses in a variety of consumption and infrastructure sectors,” New Silk Route's founding general partner and chief executive, Parag Saxena, said in a statement.
Saxena will join the board of Coffee Day Resorts, the statement said.
“This investment will be used across the various current and future business of the group, i.e. Cafe Coffee Day, luxury resorts and infrastructure,” added V.G. Siddhartha, chairman of unlisted Coffee Day Resorts.
New Silk Route–founded in 2006 with $1.4 billion under management–focuses on the Indian subcontinent, as well as other rapidly growing economies in Asia and the Middle East.
Source: Nasdaq