The new venue will open on Waterloo Road in March where Todiwala plans to serve Portuguese-influenced dishes with a Goan and Indian twist.
He said the idea would be to merge Indian cuisine with the culinary traditions and techniques spread by Portuguese explorers during the period in history.
"This will be a new take on East meets West," he said. "Not many people realise that the Portuguese explorers were the first to experiment with spices such as cinnamon, pepper, cloves and nutmeg. The world woke up to new flavours because the Portuguese shared with Europeans what they’d discovered in places like Asia, Africa and the Americas. But they also influenced local cuisines in the territories that they discovered, and so you will find the food in Goa is very much influenced by Portuguese cuisine.
"Assado will be offering a new concept in world cuisine in that the dishes will combine the flavours of India with the kind of food Portugal gave the world, in fresh ways. Remember, the Portuguese were everywhere from Mexico to Brazil to the East Indies, which includes Southeast Asia and the Sub-Continent."
"To be able to take these complex influences and put them all together without compromising my integrity as an Indian chef is a real challenge but also a dream come true for me."
Since opening Café Spice Namaste in London 18 years ago, Todiwala has become a key member of the industry and its associations and was awarded an MBE in 2000 for services to the restaurant and catering industry.
The Parsi chef opened a third restaurant, Mr Todiwala's Kitchen at Heathrow in 2011 and last year took over the cafe in London's Victoria Park which is run by his two sons.
Assado will open seven days a week from 11am to 11pm and will allow diners to eat in or take away dishes from a deli counter located within the restaurant.