Embassy Group’s Jitendra Virwani to buy Hard Rock Café
Jitendra Virwani, owner of Bengaluru-based real estate conglomerate Embassy Group, is close to buying a controlling stake in JSM Corp. Pvt. Ltd, which runs Hard Rock Café and California Pizza Kitchen in India, reported Livemint.
According to the report in the livemint, the deal will lead to the exit of one of the two founders, as well as private equity investor PremjiInvest. Mumbai-based JSM Corp.’s founders Jay Singh and Sanjay Mahtani currently hold 27% and 28%, respectively, in the company, totalling a 55% stake. PremjiInvest, the private equity arm of billionaire Azim Premji’s family, holds 22%, while the remaining 23% is held by other investors.
Virwani will buy all of Singh’s and PremjiInvest’s shares, and some from other investors, adding up to a total of 68% in JSM Corp. Mahtani will retain his 27% stake. The remaining 5% will remain with other investors, the report said.