Dabur scion Amit Burman is looking at airports to scale up his business ambitions in the food and beverages space.
The vice-chairman of Dabur India is the promoter of Lite Bite Foods, which runs restaurant chains Punjab Grill, Zambar, Asia Seven and FrescCo. At present, the
company has 65 restaurants across India and a few overseas.
Burman, who has invested Rs. 100 crore so far in the company, plans to list it within three years once it crosses the Rs. 500-crore revenue mark. He is also looking to invest another Rs. 100 crore by next year to finance expansion plans.
"We are excited about the airport space as it promises guaranteed footfalls," said Burman. "Even though revenue-sharing costs are high, the traffic predictability is more dependable."
Air travel retail in India is still in its nascent stage and if leveraged properly, it could cross the 450 million passengers per annum target by 2020 from its current 150 million, according to industry estimates.
Burman's company has already won the mandate to open 30 concept restaurants in Mumbai International Airport Limited (MIAL) on a revenue-sharing basis. The company will open 15 restaurants by September this year, while the rest will be operational by 2014.
"We'll open 30 restaurants in Mumbai airport over the next year and bid for slots in Chennai, Kolkata and the Bangalore airports since they are the next growth hubs," said Burman.
"While the private equity players have shown enthusiasm in our business, we are not looking at it at this stage," said Burman.
"We are looking at Rs. 500 crore in revenues over the next three years and subsequently list the company once the target is met," Burman added.
© Copyright © 2013 HT Media Limited. All Rights Reserved.