Piveta Estates Pvt. Ltd, a private venture of Max Group’s Founder and Chairman Emeritus, Analjit Singh, today announced its intent to purchase 51% shares in celebrity Chef Ritu Dalmia’s Riga Foods. Riga Foods owns and operates a successful chain of Italian-cuisine restaurants in the Delhi/NCR region as well as a catering service under the DIVA brand name
The investment by Piveta Estates will be utilised towards expansion efforts, across India, as well as internationally. The Company’s international expansion plans are aligned with the growing private hospitality footprint of Mr. Analjit Singh, currently targeting markets such as South Africa and the UK. Among his private businesses, Mr. Analjit Singh has significant interests in lifestyle-related ventures in the Western Cape, South Africa, pertaining to viticulture, winemaking and hospitality under the brand name Leeu Collection. In the UK, he acquired the Linthwaite House, a boutique luxury hotel at Windermere earlier this year, his first such investment in the region.
Riga Foods was established by chef Ritu and Gita Bhalla in 2000, with the launch of its first restaurant DIVA in a prime south Delhi locale, and has been a leading F&B brand over the years. DIVA has won the Hindustan Times’ HT City Award for the last four years and The Times of India’s Times Food Award for the last two years.
While Piveta Estates has purchased a controlling stake in the Company, management control will reside with Ms. Dalmia. This is the first round of funding for the company.
The Indian food industry is estimated at USD 100 billion. Within this, the organised sector is expected to grow at 16% CAGR to USD 28 billion, in the next 5 years.
Commenting on the investment, Analjit Singh said, “We are happy to partner with Ritu Dalmia, who is amongst India’s leading chefs and has consistently demonstrated year on year profitable growth. We intend to be a strategic investor, guiding the organisation through its expansion efforts, both in India and abroad.”
Ritu Dalmia, Founder, DIVA Restaurants said, “We are excited about the investment by Mr. Analjit Singh. After 16 years of being one of the frontrunners in Italian cuisine, DIVA Restaurants is ready for its next stage of evolution. This investment will provide a strong fillip to our expansion plans over the next few years.”
Image : Max Group’s Founder and Chairman, Analjit Singh