Grapevine: Miraj Cinemas on the block; SSG, Affirma may invest in Coffee Day Global
Photo Credit: Thinkstock

India’s fifth-largest multiplex chain Miraj Cinemas, which forayed into the film exhibition business in 2012, is up for sale, people familiar with the development told Mint.

Miraj Cinemas is also engaged in film production, co-production, and distribution of Indian and international films.

The chain is owned by Rajasthan-based diversified business group Miraj established in 1987 with multiple business verticals including tobacco, FMCG, pipes and fittings, stationery and infrastructure development.

“They have been wanting to exit for a while, as film exhibition has not turned out as lucrative as Miraj’s other businesses,” said one of the people mentioned above.

Meanwhile, Singapore-based SSG Capital Management and Affirma Capital are leading talks for investments in Coffee Day Global, which owns the Café Coffee Day (CCD) chain founded by the late VG Siddhartha, persons privy to the development told The Economic Times.

SSG, the persons said, has offered to invest only on the condition that other existing PE funds also participate. Its executives are said to have engaged three PE investors in talks, and any fresh infusion depends on the four players reaching an agreement.

Last week, VCCircle had reported that Coffee Day Global has appointed EY (Ernst & Young) to perform due diligence of the parties interested to buy the chain.

In the past, global beverages giant Coca Cola and US-based private equity firm TPG were known to be interested in Coffee Day Global.

Leave Your Comment(s)