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INVESTMENT IN HOTEL BUSINESS.

Analjit Singh-promoted Max Ventures Industries (MVIL) said it is investing in Azure Hospitality, which runs restaurant chains Mamagoto, Speedy Chow/Roll Maal and an institutional catering service.

MVIL is co-investing with Goldman Sachs in the second round of funding for Azure. The Rs 33.5-crore investment will be a first for MVIL since it was set up as a holding company through a three-way demerger of erstwhile Max India.

Azure Hospitality was set up in 2009 by Kabir Suri and Rahul Khanna and operates in different segments for the restaurant space. The Indian food industry is estimated at $100 billion with the organized sector expected to grow at 16% annually to $ 28 billion over the next five years.

MVIL is in the process of listing and is looking to set up at least two other verticals, focused on education and real estate. It said the investment vertical, which is putting money in Azure Hospitality, is a fully-owned special purpose vehicle focused on strategic growth sectors such as hospitality, food and beverages, healthcare, technology-based financial services, education, real estate and senior living. Its investment model will be a hybrid of accelerators and venture funding, providing both mentoring and growth capital for the organizations it invests in, the company said in a statement.

"This development comes at an opportune time as we have now obtained FIPB approval for listing of MVIL and have initiated formalities. MVIL is expected to be listed on the stock exchanges by early June," the company's vice-chairman Mohit Talwar said in a statement.

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Publication:Pakistan & Gulf Economist
Date:May 22, 2016
Words:293
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