SSP completes the purchase of 49% stake in Indian joint venture
SSP Group plc, a leading operator of food and beverage outlets in travel locations worldwide, has completed the planned acquisition of its 49% stake in Travel Food Services Private Limited (“TFS”), one of India’s largest travel food companies.
In line with the terms of the acquisition originally announced in October 2016, SSP agreed to create the joint venture with K Hospitality Corp, a leading player in the F&B industry in India, and acquire a 49% stake in two stages. The acquisition of the initial 33% stake completed in March 2017, and today’s announcement confirms the completion of the second stage of the agreement, to acquire a further 16% stake.
The acquisition provided an entry point for the Group into the Indian market and is in line with the Group’s strategy as set out at the IPO, which included expansion into new markets which offer the opportunity for value-creating growth. TFS has performed well since the onset of the partnership, and the combination of SSP’s international expertise in the travel sector and TFS’ strong local presence continue to provide an excellent platform for future growth in the Indian travel market.