IHC to hold on to Mars Restaurants

India Hospitality Corp (IHC), the London Stock Exchange-listed special purpose acquisition company, is planning to expand its Mumbai-based hotel, restaurant and air-catering company, Mars Restaurants Pvt Ltd, to other parts of the country and is in talks with institutional investors to raise funds for it.

Mars plans to take its hotel brand-The Gordon House-to Bangalore and New Delhi in addition to other metros and mini-metros. The company is in the process of setting up a hotel management company that will pursue third-party management contracts in India.

The hotels will either be managed under the The Gordon House brand or a completely new brand which is under conceptualisation. Currently, there are three properties under the brand- two in Mumbai and one in Pune.

Denying market rumours that IHC was planning to exit Mars, Sandeep Vyas, executive director and chief operating officer, IHC, told DNA,  “IHC is committed to the growth opportunities that exists across the consumer food services, air catering and hospitality space in India. We are best positioned to leverage the strengths of our people and investments to build a dominant position in the business that we operate in.”

The IHC management is in advanced stage of discussions with several institutional investors to raise funds for expansion.