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India Hospitality Corporation (IHC) has sold 74 percent of its interest in airline catering company Skygourmet Catering (Sky) to Gategroup. The deal valued at $92 million (Rs. 411 crore) will see the entry of global leaders in airline and onboard services Gategroup in the lucrative and fast growing airline catering market in India.
Phoenix Legal (breakaway firm of Trilegal) acted as the domestic legal counsel for IHC with a team led by Partner Sawant Singh along with Associates Akanksha Midha and Raghuveer Sarathy, whereas the international legal counsels to IHC were London based Travers Smith and US based Proskauer Rose.
Tatva Legal (breakaway firm of Dua Associates) represented Gategroup with a team led by Partners Simran Singh and Shishir Sharma along with Associate Seher Ali.
The VC Circle reports the deal involves IHC selling a 74 percent stake in its wholly-owned airline catering company Skygourmet Catering Private Limited for $39 million (Rs. 175 crore) in cash. IHC will continue to have a 26 percent in Skygourmet and is also entitled to proceeds from land sale in Delhi. Though IHC informed the deal implies an enterprise valuation of $92 million (Rs. 411 crore) for Skygourmet, the remaining amount may have gone towards adjusting debt of the firm.
Sky is a leader in airline catering in India. It has a production capacity of more than 110,000 meals per day and is the only one with catering facilities at all six, of India’s major airports.