McDonald’s acquires Connaught Plaza Restaurants as settlement process with Vikram Bakshi

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...
Kunwar Prithvi Singh Chauhan
Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

New Delhi, May 9 Food service retailer McDonald’s India has acquired Connaught Plaza Restaurants Pvt Ltd (CPRL) as the firm completed a settlement reached with former joint venture partner Vikram Bakshi.

Thursday’s development assumes significance as it ended a dispute with its joint venture partners with whom the firm had formed the CPRL, which managed the McDonald’s outlets in North and East India with 165 outlets.

In 2017, the food service retailer ended the franchise agreement with CPRL over non-payment of royalties which resulted in a legal battle.

Lately, reports had emerged that the two partners were trying to reach an out-of-court settlement.

Accordingly, the firm has decided to temporarily close McDonald’s restaurants in North and East India to conduct a comprehensive assessment of operational protocols and employee training.

“The existing managers and crew will continue to be employed during this temporary closure and will be actively involved in activities to re-open the restaurants.”

According to McDonald’s, the transfer of ownership and management is effective immediately. Robert Hunghanfoo has been appointed Head of CPRL, now owned by MIPL and its affiliate.

“During the transition, MIPL will be focused on two key areas – providing employees with clarity and confidence in their future at McDonald’s and leveraging McDonald’s global system expertise to fortify high operating standards for our local customers,” the statement said.

Bakshi had signed the JV as an equal equity partner with McDonald’s Corp in 1995, established the first McDonald’s restaurant in India in 1996.

McDonald’s remains committed to the opportunities in North and East India and intends to facilitate future growth by continuing to actively progress finding the right ‘Developmental Licensee’ (DL) for the region.

As this process continues, CPRL will remain owned by MIPL and its affiliate.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Vivo iQoo Neo 855 Edition Comes With 256GB of UFS 3.0 Storage will launch on 24 Oct

Iqoo which is a sub-brand of Vivo is all set to launch a new phone for game lovers which...

Ready to visit Riyadh to settle differences: Zarif

Tehran, Oct 22 (IANS) Iranian Foreign Minister Mohammad Javad Zarif said that he was ready to visit Saudi Arabia to help reduce the ongoing...

Anita Hassanandani gives bride vibes in her latest pictures

Actress Anita Hassanandani is leaving no stone unturned with her performances in the celebrity dance reality show 'Nach Baliye 9.' She recently shared some of...

Ranbir Kapoor starring ‘Sanju’ wins Highest Grossing Foreign Language Film Award at Australian International Movie Convention

Ranbir Kapoor starrer Sanju was the highest grossing film of 2018 and also won several accolades. Now it has added one more feather on...

Alia Bhatt Blushes Over a Question Asked by Paparazzi

Alia Bhatt is the talk of the town for a few days for two reasons, first, she is getting a good number of projects...
- Advertisement -

More Articles Like This