In his petition to the Company Law Board filed on September 9, Bakshi said McDonald's began 'arm-twisting' him to sell his entire shareholding in Connaught Plaza Restaurants, the equal joint venture between him and McDonald's since 2008, at an 'undervalued' price of $5 million, later raised to $7 million.
With this launch, McDonald's reaffirms its promise to expand and grow in the Southern states, Amit Jatia, vice-chairman, Hardcastle Restaurants Private Ltd, a Master Franchisee for West and South India operations of McDonald's Restaurants, told reporters on Thursday.
Westlife Foodworld, fast-food chain McDonald's operator in West and South India, on Tuesday said food safety regulator FSSAI has verified the cheese used by it and is now allowed to use the word cheese in the name of its products. Additionally, an independent NABL (National Accreditation Board for Testing and Calibration Laboratories) has also confirmed that Westlife Foodworld uses authentic cheese in its food preparation and not cheese analogues or substitutes, its managing director Saurabh Kalra said.
US-based McDonalds will set up 40 outlets ever year through its two equal joint ventures in the country -- Connaught Plaza Restaurant and Hardcastle Restaurants.
McDonald's is adopting differential pricing, new formats and designs to stay relevant to customers who are spoilt for choice.
Vikram Bakshi on Friday offered to sell his 50 per cent stake in Connaught Plaza Restaurants, the joint venture with McDonald's that operates fast-food restaurants in north and east India, for Rs 1,800 crore (Rs 18 billion).
Plans to invest Rs. 500 crore over the next three years in West and South India.
Hardcastle Restaurants to pay royalty of 8% of net sales by 2020, against the current 3%.
World's second-largest fast-food chain to launch its McCafe coffee brand in India on Monday.
Vikram Bakshi, the estranged partner of fast-food chain McDonald's, will seek reinstatement as managing director of the 50:50 joint venture Connaught Plaza Restaurants, with a plea to the Company Law Board seeking the 'deadlock' in the August 6 board meeting be resolved.
Vikram Bakshi, who controls 50% in JV and was MD, weighs legal options
In a first in India, the fast-food joint is converting used cooking oil into biodiesel, which is used to power 20-25 trucks that make trips to around 275 restaurants carrying supplies from its distribution centre
Bakshi rejects McDonald's proposal to buy his stake in JV for Rs 48-50 crore
Oil content in mayonnaise slashed by 40 per cent, milk used in ice-creams 96 per cent fat-free, all wraps made of whole grain.
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The war of words that has broken out between Vikram Bakshi and McDonald's Corporation is the latest in the long list of ugly spats between Indian businessmen and their overseas collaborators.
Food chain rejects Bakshi's offer of Rs 1,800-cr for stake; CLB gives it till Nov 25 to make a counter-offer.
When Amit Jatia, vice-chairman of Westlife Development (WLDL), which operates fast-food chain McDonald's in West and South India, wanted to become the American fast-food giant's local partner in 1995, he had to first convince his family he would remain a staunch vegetarian. As McDonald's - home of the iconic Big Mac - completes 25 years in India, being one of the largest operators in the quick-service restaurant (QSR) segment in the country with over 300 outlets, Jatia has held on to the promise he made to his family. Not one to sit back and watch anyone flip the Big Mac, he gets straight to the meat of the matter when he says McDonald's success menu will see the QSR expand its ever-hungry 'foodprint' by doubling the number of joints and increasing its average unit volume by 35-40 per cent in five years.
The new form will only require a complainant to mention the product and GST identification number of the seller
Yum reduced the number of restaurants in India by 14 in the September quarter from the preceding quarter to 811.
This time food regulators found excess presence of ash content in Maggi
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