28th Sep 2007 07:22
India Hospitality Corp.28 September 2007 For Immediate Release 28 September 2007 India Hospitality Reaffirms Growth Strategy New York, NY. - September 28, 2007 - Following the successful acquisition ofMars Restaurants and SkyGourmet in July 2007, India Hospitality Corp. (LSE: IHC,IHC or India Hospitality) today reaffirmed its commitment to its originalstrategy of acquiring leisure, hospitality and travel related companies in Indiathat are well positioned to benefit from the country's long-term economicgrowth, especially from the expansion of the middle class and increasingdomestic business and leisure travel. Mr. Jason Ader, Chairman of the Board of India Hospitality stated, "We havenever wavered from our original strategy to participate in the exciting growthof India's economy and middle class through businesses that operate in theleisure and travel industries. In particular, India Hospitality is very excitedabout the long-term growth prospects of Mars and SkyGourmet and we are committedto their long-term growth and prosperity." In July 2007, IHC closed on the acquisition of India-based Mars RestaurantsPrivate Limited (MRPL or Mars), an emerging hotel and restaurant company, andSkyGourmet Catering Private Limited (SCPL or SkyGourmet), an airline cateringcompany operating out of four locations in India, for an aggregate purchaseprice of US $110 million. The Company maintains an option to purchase Nirula's, a leading restaurant chainin India. Nirula's recently announced it is revamping existing outlets andramping up growth from 54 locations to 200 over the next two years. About India Hospitality Corp. IHC was created as a blank-check company to acquire Indian businesses or assetsin the hospitality, leisure, tourism, travel and related industries, includingbut not limited to hotels, resorts, timeshares, serviced apartments andrestaurants. In August 2006, IHC raised US $103 million in an IPO and private placement andis listed on AIM, a market operated by London Stock Exchange plc, under theticker IHC. The Company was sponsored and advised by Hayground Cove AssetManagement LLC, a New York-based investment management firm with approximatelyUS $1.9 billion in assets under management. About Mars and SkyGourmet Since its incorporation in 2000, Mars has diversified into bakery outlets andoperating and managing food courts and hotels. SkyGourmet was incorporated in2002 and is headquartered in Mumbai. SkyGourmet currently provides in-flightcatering services to a number of domestic and international airlines, includingJet Airways, Kingfisher Airlines, Air India Express, Indian Airlines, MalaysianAirlines and Air France. It has operations in Mumbai, Bangalore, New Delhi andPune. For the nine months ended December 31, 2006, the combined entities hadaudited revenues of approximately US $18.9 million and 1,700 employees. For Further Information Contact: Investor Relations Contact: ICR Inc.William Schmitt203-682-8200 Media Contact: Buchanan CommunicationsRichard Darby, Isabel Podda+44 207 466 5000 Nominated Adviser and Broker: Deutsche BankMumtaz Naseem+44 20 7545 8000 Deutsche Bank AG is authorised under German Banking Law (competent authority:BaFin - Federal Financial Supervising Authority) and with respect to UKcommodity derivatives business by the Financial Services Authority; regulated bythe Financial Services Authority for the conduct of UK business. Deutsche Bankis acting exclusively for IHC. and no-one else in connection with theacquisition and related transactions and other matters referred to in thisannouncement and will not be responsible to anyone other than IHC. for providingthe protections afforded to clients of Deutsche Bank AG nor for providing advicein relation to the acquisitions and related transactions or any matter referredto in this announcement. Deutsche Bank is IHC's nominated adviser and broker for the purposes of the AIMRules for Companies. Its responsibilities as IHC's nominated adviser and brokerunder the AIM Rules for Nominated Advisers are owed solely to London StockExchange plc and not to IHC, any director of IHC or any other person. No offer or invitation to purchase or subscribe for ordinary shares in orwarrants to purchase or subscribe for ordinary shares or warrants of IHC isbeing made by this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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