The United States-based Chinese fast food chain Mark Pi International on Thursday announced it foray into India in partnership with Trak Services with an aim to establish 240 outlets over the next five years by investing Rs 160 crore (Rs 1.60 billion).
The investment would be made by the Indian partner, which plans to operate on a franchisee model. In another six-eight months, the two partners are expected to set up a separate joint venture company, which will take the Chinese fast food concept global by establishing such restaurants worldwide..
"India has a huge untapped potential for Chinese fast food since no such restaurants are in place in the country till now...we will invest about Rs 160 crore over the next five years in setting up 240 outlets across the country. By that time, we expect a turnover of Rs 250 crore (Rs 2.50 billion)," Trak Services chairman Rohit Chand told newspersons in New Delhi.
He said the fast food market in India was estimated to be about Rs 500 crore (Rs 5 billion) at present but was growing at about 40 per cent annually.