EMTEE Research

Feb 9, 2016

ishita@dealstreetasia.com February 9, 2016: &nbsp Vascon Engineers has sold over 19% stake in Ascent Hotel to Samhi Hotels for around $4 million. Also, MRSS has made EMTEE Research its wholly-owned subsidiary by acquiring the remaining 30 per cent stake for an undisclosed amount. Online table reservation startup, on the other hand, plans to invest $1 million for the expansion of its operations in India and overseas. Vascon Engineers sells 19.07% stake in Ascent Hotels for $4m Vascon Engineers Ltd has sold 19.07 per cent stake in Ascent Hotels Pvt Ltd to SAMHI Hotels Pvt Ltd for Rs26.67 crore(Around $4 million). SAMHI Hotels is a privately owned hotel asset company that specializes in development, acquisition and ownership of branded hotels. In a disclosure to the stock exchanges, Vascon said it has signed a subscription cum shareholders agreement with Ascent Hotels to subscribe to 6.7 million Optionally Convertible Redeemable Debentures amounting to Rs 30.42 crores with an option to convert into equity shares of equal numbers. The debentures will be converted to shares when Ascent Hotels achieves an earnings before interest, tax and amortisation (EBITA) of Rs 70 crore. MRSS acquires remaining 30% stake in EMTEE Research; makes it wholly-owned arm Majestic Research Services and Solutions Ltd has acquired the 30 per cent remaining stake in EMTEE Research and Consultants Pvt Ltd , thereby completing its acquisition. Through the acquisition of this stake EMTEE Research has become a wholly-owned subsidiary of MRSS, the latter said in a statement to the stock exchanges. Financial details of the transaction were not disclosed. “Exponential growth for MRSS will be driven both organically and by acquisitions, this just sets the tone for the initiatives we are going to take in this direction in the coming year,” said Raj Sharma, Chairman, MRSS India Ltd EMTEE Research is market research agency which deals in digital market research offerings aimed at the modern trade audit sector. Table reservation startup Loofre plans $1m investment Online restaurant table reservation platform Loofre.com  investing $1 million on its to bolster its operations by increasing its tie-ups and expansion to more cities. The company is already present in nine major cities in India and claims to have tie-ups with over 800 restaurants, the company said in a release. “We are delighted to share that Loofre is now on a major expansion mode. Even though our target is India but we are not restricted to any geographical location and also looking towards expanding our services either organically or inorganically to countries like UAE, Hong Kong & Singapore,” Rohit Mahajan, Managing Director of Loofre said. The million-dollar investment will me made through internal accruals. Expansion of services through introduction of wellness categories and vouchers business is also on the cards.