Aditya Birla PE invests in Olive Bar & Kitchen
Aditya Birla Private Equity, a part of the Aditya Birla Financial Services Group, today said it has invested in the hospitality firm Olive Bar & Kitchen. Though the amount of investment is not known, sources in the industry said it is likely to be about USD10-15 million (Rs 50-75 crore).
As per the company, the money has been invested from the Sunrise Fund of the PE firm, which has the provision for infusing growth capital into proven businesses.
Centrum Capital acted as the sole financial advisor to Olive Bar & Kitchen, a release said.
"We intend to leverage our brand equity created over the years to expand the reach of existing formats and launch new formats," Olive Bar managing director AD Singh said.
On the investment, Aditya Birla Capital Advisors chief executive Bharat Banka said the PE firm would contribute to the future growth plan of the hospitality company.
