Food connoisseurs aren’t likely to forget the taste of flame-grilled peri-peri chicken in a hurry. But Nando’s, a South African restaurant chain of Portuguese theme, will see its India rights acquired by a new owner shortly, said people familiar with the matter.
Private equity firm New Silk Route (NSR) is likely to acquire 74% stake in Nandos Indage Restaurants, a group company of the pioneering wine maker Shamrao Chougule family, which controls the financially troubled Indage Vintners. The $1.4-billion NSR has set aside $100 million to build a platform of restaurant assets and had acquired controlling interest in south Indian fast food chain Adiga’s earlier this year.
Sources said Chougule family will retain a minority stake in Nando’s, which they had launched with much fanfare eight years ago. NSR declined to comment while Indage Group director Ranjit Chougule did not respond to phone calls. A source mentioned above said discussions were advanced but no final deal has been struck.
Source: Times of India