20th July 2010 Mumbai: The Graviss Group, best known for creating the Kwality brand of ice cream which was later sold to Hindustan Unilever, is consolidating its foods and hospitality business.
Graviss has not only bought out the balance stake of 40% held by the US-based Dunkin’ Brands in premium ice cream brand Baskin Robbins, but is also, for the first time, setting foot outside Mumbai to invest in boutique hotels. The group, founded in 1945, runs the landmark property InterContinental, a 58-room hotel at Marine Drive, facing the Arabian Sea, and Mayfair Banquets in south Mumbai.
Graviss now has a 100% stake in Maharashtra Dairy Products Manufacturing Company (MDPMC), which has been the exclusive master franchisee of Baskin Robbins (part of the Dunkin Group) in India since 1993. Some of it’s first stores were set-up and operational at Colaba and Napean Sea Road in Mumbai. Earlier, the Ghais held 60% stake in the company. Graviss is the new corporate identity of the Ghais and is derived from the names of the promoters, Ravi Ghai and his son, Gaurav Ghai.
Baskin Robbins has around 360 franchisee owned and operated ice cream parlours across India, with a turnover of around Rs 120 crore (USD 25.3 Million). Baskin Robbins is by far the most successful, Ice Cream and Frozen Treats franchise in India. Baskin Robbins established a couple of company owned locations and following its success, started franchising it successfully. The Baskin Robbins India Franchise has several multiple franchisee unit owners.
Apart from the change in ownership, the group has witnessed a reshuffling of the top echelons. Pankajj Chaturvedi, who was managing the show for nearly a decade at MDPMC, has now moved to head another group company, Rich Graviss, which is a 50:50 joint venture with US-based Rich Products Corporation. The JV, formed in 1994, sells non-dairy cream toppings made from its unit in Pune. Chaturvedi swapped his position with Sunil Pardal, who was earlier spearheading Rich Graviss.
In the hospitality business, the group is venturing outside Mumbai and is building three 100-odd-room hotels in Goa, Jaipur and Alibaug, said sources. The Group’s BSE-listed arm Graviss Hospitality, in which Singapore government’s investment arm Temasek, holds a stake, is investing nearly Rs 250 crore towards developing the properties.
Graviss Hospitality is an illiquid stock on the BSE counter and on Friday, it closed at Rs 31, up 4.88%. Graviss, which also means new vista and gravity, said its new properties will open doors to guests in two years or so.
The Baskin Robbins Franchise is present in Middle East, Singapore and various other parts of the world.
