Bharti Group promoted company Gourmet Investments (GIPL) has entered discussions with TexMex Cuisine to purchase certain properties of US-based casual dining chain Chili’s Grill & Bar restaurants in India.
According to reports, the transaction could include 13 restaurants and is valued between RS1bn ($14.3m) and RS1.2bn ($17.16m), The Times of India reported.
If materialised, the deal will mark GIPL’s expansion of its restaurant business. It plans to open additional 80 locations by 2020.
A spokesperson for Gourmet Investments declined to comment and TexMex Cuisine executive director and CEO Ashish Saxena did not respond to queries emailed by the news agency.
US-based multinational hospitality company Brinker International owns and operates more than 1,600 restaurants under the Chili’s Grill & Bar brand globally.
TexMex Cuisine and Stellar Concepts currently own the rights to operate the brand in India with GIPL operating 15 restaurants under various brands such as PizzaExpress, Nihonbashi and Ministry of Crab in India.
In August last year, subsidiaries of Brinker International signed a definitive agreement to sell 48 Chili’s Grill & Bar restaurants to US-based real estate investment company Four Corners Property Trust (FCPT).
The transaction, worth up to $155.7m, involved initial annual cash rent of up to approximately $9.9m.
Of the 48 restaurants, 14 are located in Florida, 13 in Texas and the remaining are spread across 15 states, including Arizona, California, Colorado, Los Angeles, North Carolina and Virginia among others.