The promoters of Sagar Ratna and Sri Ratna have embarked on an expansion plan to open more than 45 restaurants in the next 12 months, investing close to ₹23 crore.
“We will open at least two restaurants every month starting January 2018,” said Jayaram Banan, chairman, Ocean Pearl Hotels, the holding company of Sagar Ratna and Sri Ratna group of restaurants. “Besides, another 25 restaurants will be opened by our franchisees.”
With this, the total number of restaurants under the two banners will cross the 135-mark in the north, along with a handful in the south. We are planning to invest between ₹85 lakh and ₹1 crore in [each of] these properties. On an average, these restaurants will have seating capacity for 125 people.
Having sold 77% stake to U.S.-based Fander Equity Holdings in June 2011 for ₹132 crore, Mr. Banan acquired it back from Fander for an undisclosed sum in June 2017. Sagar Ratna and Sri Ratna are a chain of vegetarian restaurants mainly located in the North. The restaurants now in the pipeline will come up mostly in the National Capital Region.
Hotels pipeline
Mr. Banan said the firm is planning to open two more hotels in Bengaluru and Mysuru by April and July 2018. The first one will have 100 rooms and the second, 68 rooms along with banquets and restaurants. At present, the group manages three hotels in Mangaluru, Udupi and New Delhi with about 200 rooms. The list saw the addition of two hotels in Hubli and Mangaluru.
The group is likely to close the current year with a revenue of ₹200 crore and touch ₹275 crore in 2018, Mr. Banan said.
