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Our Bureau

Pune, March 11

Mayfair Banquets, subsidiary of the Ravi Ghai Group, is all set to enter the hospitality segment and expand its presence in the banqueting arena.

Talking to presspersons, Mr Srinidhi Rao, Chief Operating Officer, Mayfair Banquets, said by 2012, the venture would be operating around 25 banquet units and eight hospitality units. He said that about Rs 600 crore has been earmarked for this expansion programme. The venture had received funding to the tune of Rs 125 crore from the Singapore-based Temasek Holdings, parting 21 per cent of the share.

Mr Rao said that four land deals had been signed up, one each in Surat, Jaipur, Goa and Alibaug, and these are expected to be operational by 2010. He said it is also close to signing a land deal in Pune for the hospitality segment.

Commenting on the banquet, Mr Rao said currently it has six operational units, one each in Mumbai, Bangalore, New Delhi, Ahmedabad and two in Pune. He said one in Gurgaon is under construction and is expected to be operational by May, and another in Noida is expected to begin construction within a couple of months. He added that the company was also targeting the new special economic zones (SEZ) coming up around Pune. He said the total area under banquet was around 40,000 sq ft, which is expected to double this year.

Looking at the financial, Mr Rao said it had crossed a turnover of Rs 18 crore during March 2007 and is estimating to touch Rs 50 crore for the current fiscal and around Rs 75 crore for the next fiscal. He said that it would be having 12 operational units by March 2009. He added that the target segment included corporates as also the social stream wherein marriages played a major role. Though there is no systematic study done to assess the size of the domestic catering market, it could be worth over Rs 20,000 crore, 60 per cent of which comes from wedding and related banquets.

Mr Rao looking at the other ventures of the group said it was also into the non-dairy bakery products for the domestic market of the US-based Rich Cream as also was the sole manufacturing agent for Baskin Robbins ice-cream. The group turnover is around Rs 120 crore.

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