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McDonald’s will temporarily shut 165 outlets in India

[Edited By: Admin]

Friday, 10th May , 2019 05:27 pm

McDonald’s decided to temporarily shut down 165 of its outlets in north and east India after finally ending its six-year-long bitter battle with its Indian franchise partner, Vikram Bakshi, to take over the 50:50 joint venture, Connaught Plaza Restaurants (CPRL). While the terms of the deal, including the settlement of the contentious $330 million claim by CPRL, were not disclosed by the two estranged partners, Bakshi, who exited the nearly 25-year-old JV, is padding up for a second innings in the domestic fast-food market with another global brand. Credited for introducing and setting up McDonald’s in India, the 64-year-old entrepreneur is in talks with its rival, US burger chain Wendy’s for franchise rights, sources said. Bakshi said, “I have yet to take any decision about my future.” McDonald’s and Bakshi have opted for an out-of-court settlement to end their differences. CPRL is now wholly owned by McDonald’s India Private Limited (MIPL) and its affiliate, McDonald’s Global Markets LLC (MGM).

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