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gategroup takes control of Indian catering venture
Feb 17, 2012
Ground Services
Airline Ground Servicesgategroup has exercised its call option with India Hospitality Corp. (IHC) to acquire the remaining 26 per cent of the Indian airline catering company Skygourmet.
Exercising the option in 2012 will have no impact on the Group's income statement since a liability had previously been recognised. The Company is increasing its stake to provide maximum flexibility to run the business in India as a fully owned and integrated business of gategroup.
gategroup subsidiary Gate Gourmet entered a joint venture agreement with IHC in November 2010. Skygourmet operates airline-catering activities in Chennai, Delhi,
Hyderabad, Mumbai and Pune, while Gate Gourmet operates an airline catering facility in Goa. Further expansion of the network is under development.
Additionally, Skygourmet and Travel Food Services (TFS), a leading Indian provider of travel food and beverages, are finalising a strategic partnership to manage newly developing retail-on-board services for India-based airlines.
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