New Silk Route acquires Moshe's
New Silk Route, the Indian private equity firm, announced today it had acquired the majority shareholding in Moshe's, a city based food chain that caters Mediterranean cuisine. There was no disclosure as to the financial details of the acquisition.
The firm had mentioned that it had its South Asia Gastronomy Enterprises, a food and beverage portfolio company as the acquirer of the shareholdings in Moshe's Fine Foods. Moshe's operates two restaurants, seven cafes and two quick service centers in the city with an aim to expand to other major urban centers.
According to the statement issued by the firm, "The capital infusion will be invested in augmenting existing infrastructure to expand further within Mumbai and also set up new infrastructure for expanding into newer cities such as Pune, Bangalore and New Delhi."
The rationale, as explained by New Silk Route CEO Parag Saxena, would be due to the rise in disposable incomes, the culture of eating out is increasing, allowing for the increased growth potential of the food services sector.