Restaurant chain Buddha Bar to enter India

NEW DELHI: Parisian company George V Eatertainment is all set to introduce its restaurant chain Buddha Bar in India. The firm, which struck a deal with Indian start-up firm B B Hospitality Ventures last year, will open its first outlet under the brand name B-Bar in July.
"India is a great market for food and beverages. While we are a little cautious currently due to negative consumer sentiments, we expect the market to significantly pick up in the next three years," said Frank Forter, VP (development), George V Eatertainment.
The company is planning to launch two more restaurants in Bangalore and Goa by the end of 2013. While initially, the restaurant chain will focus on the uber-luxe dining segment, the company is looking to cater to the mid to upper segment of the population in the country eventually.
In India, the restaurant chain will compete with international rivals like Hard Rock Cafe, besides other domestic chains like Athena and Prive in the super-premium segment.
The first outlet, which will come up at Delhi's Select CityWalk, will occupy nearly 20,000 square feet. The firm is also planning to introduce the Buddha Bar hotel and spa in Rajasthan by next year.
The four projects will entail a total investment of nearly Rs 114 crore, said Kunal Lalani, one of the promoters of B B Hospitality Ventures. The company is planning to raise the funds through internal accruals for the first outlet and a mix of debt and equity for its future projects.
The Buddha Bar restaurant chain currently operates in 30 countries across the globe. In all, George V Eatertainment operates 16 brands of restaurant chains, which include Karma Kafe, Siddharta Kafe, and Bound. Based on the initial response from the Indian market, the company is planning to launch its other brands in the country too.