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March 30, 2001
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Money > Business Headlines > Report March 30, 2001 |
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Domino's Pizza mulls part pie sale to institutionsRaksha Hegde Domino's Pizza India, the largest international foodchain in the country, is weighing options to divest its stake to financial institutions and private equity firms. Pavan Bhatia, chief executive officer, Domino's Pizza India, said, "We have received a couple of offers from financial institutions and private equity firms. These institutions were probably attracted to us because food and retail seem to be sectors which are doing very well. Besides, with the current state of affairs in the stock market, we seem like a good firm to invest in." The company, which has been in an expansion mode, aims to introduce several new retail outlets across the country. It has already scaled up its expansion plans by announcing that it would introduce 100 outlets every year, rather than the 50 planned originally. When asked about the company's interest in divestment, the chief executive officer said, "The shareholders - the Bhartiya group and Chase Manhattan - have very deep pockets themselves. But they are looking at the offers. It will obviously depend on the nature of wealth being offered." The company's strategy is to go for a listing on the local bourses by the end of 2003. The company had divested a 26 per cent stake to investment banking company, Chase Manhattan, for an undisclosed amount last year. Domino's Pizza India is owned by the Bhartiya Group. The company has 101 outlets in 40 cities across India, with an employee base of 2,700. In December 2000, the food chain had tied up with Indian Oil Corporation to provide food products at IOC's 7,500 outlets across the country. Last month, the Netherlands based-Rabo India Finance, a subsidiary of Rabo Bank International, had awarded Domino's Pizza for their success as the "Agents of Change" in food service for the year 2000.
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