Mirah group acquires one-third stake in Mad over Donuts
By IANSWednesday, November 24, 2010
MUMBAI - Indian restaurant chain Mirah group has acquired a 33.3 percent stake in Singapore-based donut chain Mad Over Donuts for an undisclosed amount.
A unique donut concept, Mad over Donuts was launched in 2008 and has successfully expanded to 18 outlets in India, mainly spread in Mumbai, Delhi and the national capital region (NCR).
The primary reason behind the partnership was strategic synergies and will see Mad Over Donuts expanding to 60 outlets by the end of 2012 in multiple cities.
The investment in Mad Over Donuts will be funded in the form of fresh equity, which will help Mad Over Donuts increase penetration in the Indian market by expanding to other metros across India, the company said in a statement.
Mirah Group owns prominent restaurants including Rajdhani, Manchester United Cafe Bar, Falafel’s and Cafe Mangi.
“We see immense potential in Mad Over Donuts and the response the brand has garnered over the past two years is very promising,” said Gaurav Goenka, managing director of Mirah Group India.
