InterGlobe may acquire majority stake in restaurant chain operator Azure Hospitality for $20-M

Gurugram-based InterGlobe Enterprises is to acquire a controlling stake in the New Delhi-based restaurant operator Azure Hospitality for USD 15 million to USD 20 million. The transaction, which involves a combination of a secondary share purchase and a fresh capital infusion, is expected to close at the end of September. Existing investors Goldman Sachs and Max Ventures are expected to partially exit the company as part of this deal, while Azure co-founders Kabir Suri and Rahul Khanna are set to continue with the business.Founded in 2009, Azure Hospitality operates several restaurant brands, including Mamagoto, Dhaba Estd. 1986, and Sly Granny, alongside other formats like Foxtrot, Speedy Chow, and Roll Maal.