70-year Old Nirula's Up For Sale

EH&C Staff - New Delhi

Nirula's, started by brothers LC Nirula and M Nirula as a 12-room hotel in Delhi in 1934 now has 64 outlets, of which 59 are in the NCR. Despite vehement denial of any plans to sell the company, the fast food chain, Nirula's is now up for grabs. The company worth approximately Rs 100 crore that earlier withstood competition from foreign chains, is now putting itself up for sale.

Two cousins who are also the MDs of the US-styled fast food chain, Lalit Nirula and Deepak Nirula run Nirula's. They run the daily operations and are the largest shareholders in the company.

A merchant banker has been appointed to negotiate deals to sell out the company. According to industry sources, a Philippines-based company had expressed an interest in picking up majority stake in the company. But, industry sources also state that Ravi Jaipuria, who owns the rights for Pizza Hut, Cream Bell and Costa Coffee in India, and is one of the bottlers for Pepsi is also making a substantial bid.