India Hospitality Corp (IHC), the London-listed firm which acquired Mars Restaurants, the company that manages properties like Not Just Jazz By The Bay and Gordon House, has taken complete operating control of the company. Both Sanjay Narang and Arvind Ghei, who at the
time of acquisition in 2007 were asked to continue in their operational role for smooth transition, will cease to be President and Chief Financial Officer.
IHC's operating companies include Mars Restaurants Pvt Ltd, and airline catering businesses SkyGourmet Private Limited and Mars Catering Services Private Limited. Narang will continue as honorary non-executive chairman of Sky Gourmet for a period of 2 years.
Late last year, IHC appointed Ravi Deol as the new CEO and Sandeep Vyas as the COO. IHC bought Mars and Sky Gourmet Catering for $110 million in 2007 from private equity fund Navis Capital Partners and Sanjay Narang.
IHC has also entered into a non-compete agreement with Narang, whereby the latter cannot enter the airline catering business for two years.
With IHC taking over the over the operations, Mars Restaurant has entered into a licence agreement with Narang for the Gordon House brand for the Hotel Sahar, Mumbai, which is owned by Narang. He will also keep running Not Just Jazz By The Bay and Pizzeria (Churchgate) and Just Around The Corner (Bandra), which will be under a franchisee arrangement. But IHC will continue to directly manage the operations of the Gordon House hotel in Colaba.