The Lite Bite Foods has formed a strategic Joint Venture (JV) with the Eat Out Group, a subsidiary company of the Spanish business company, Agrolimen on Wednesday. The Eat Out Group has informed the news and said that the JV company will establish a chain of specialty restaurants in India. The company also stated that the new JV will be investing a total amount of about Euro 35 million to launch a pan-India network of 200 restaurants. The recently-established Lite Bite Foods is being promoted by Amit Burman and is mainly focusing on the food & beverage services retailing.
The sources from the industry stated that the Eat Out Group is among the leading restaurant groups of Spain and has a network of over 600 restaurants in that country. The company is also the owner of the famous brands like FrescCo, Pans&Company, Bocatta, and Fresh&Ready. The JV with the Lite Bite Foods is the companys first step to enter the Indian market. On the other hand, the Lite Bite Foods is a high growth venture that has the service retailing formats, ranging from quick service restaurants (QSR), casual dining (CDR), express outlets, to the entire food-courts. The company also has a brand portfolio of leading international and local concepts.
When contacted, the promoter of the Lite Bite Foods, Mr. Amit Burman said that the JV is mainly aiming to become one of the leading and strongest operators in the modern restaurant sector in India. He also said that the JV will try to take advantage of the strong growth potential in the sector. At the initial period, the JV will focus on launching the FrescCo concept in India. According to Mr. Burman, the FrescCo is a well known restaurant chain in the Mediterranean Europe and it has a tradition of specializing in the healthy and balanced food.
The sources close to the JV formation stated that the new JV is also planning to open a minimum of 50 restaurants of the FrescCo brand within a period of the next 10 years. The restaurants will be opened in the commercial malls, office complexes, high street and also in the destination highway locations. They also informed that expanding the brand portfolio of the Indian JV after two years and establishing additional international EatOut concepts in India, is also among the plans of the new JV between Eat Out Group and Lite Bite Foods.
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| Posted : 12/20/2007 |
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