Devyani has acquired 80.72% stake in Sky Gate Hospitality (SGH). Founded in 2015, SGH is the owner of popular brands including Biryani by Kilo, Goila Butter Chicken and The Bhojan Its two other brands – Get-A-Way and Krazy Kebab Co – will get disinvested over the next nine months. SGH operates 100 outlets in 40 … Read more
The GST Council, led by Finance Minister Nirmala Sitharaman, has clarified the tax treatment of popcorn. It has been decided that pre-packed and labelled ready-to-eat popcorn will attract a 12% GST, while caramelised popcorn (mixed with sugar) will be taxed at 18%. Importantly, there is no change in the existing tax rates. The Council has … Read more
Board has in-principally approved to separate the Ice Cream business into a separate listed entity. Ice Cream business includes brands such as “Kwality Wall’s”, “Cornetto” and “Magnum” Decision is not final and is subject to the further evaluation and steps required as per the law. Final proposal for approval will be put in front of … Read more
Reshuffling of businesses continue at Zomato. After announcing the purchase of Paytm’s ticketing business, the Company has now shut down inter-city delivery service ‘Legends’ The service was suspended in April this year and was relaunched in July. The Company then had tweaked the model to deliver pre-stocked items from other cities with a shorter delivery … Read more
Subway, the restaurant chain with the most locations in the US, has sold $3.35 billion of asset-backed bonds to help fund its buyout by Roark Capital Group, in what is the largest securitization of its kind on record. The sandwich maker priced the largest portion of its whole business securitization — where a company pledges … Read more
Nestle has once again got into an unhealthy food controversy. Everyone would remember the maggi noodle controversy that Nestle was subjected to in 2015. It then took more than a year for Nestle to navigate the troubled waters. Again in 2021, the Company got a scare. This time an internal memo got leaked wherein the … Read more