UK food & beverage specialist SSP Group, a food and beverage operator in travel locations, is going into the Indian market after creating a joint venture under which it will own a 49% stake in Travel Food Services Private Limited (TFS).
TFS is the fast-rising, much-respected Indian travel markets F&B operator.
The airport and station caterer will buy a 49% stake for £57.9m in TFS from the Kapur Family Trust, SNVK Properties and KAPCO Caterers, which are part of K Hospitality Group and subscribe for new shares in TFS.
K Hospitality Group runs food and beverage outlets across India.
The FTSE 250 firm will first buy a 33% stake in TFS for about £39m by the end of February 2017, and then buy the rest 16% for about £18.9m by the end of 2018.
The TFS runs about 170 outlets in India, including six airports and many railway stations, besides Muscat airport in Oman.
