After estranged partners McDonald’s and Vikram Bakshi ended their almost six-year-long dispute, the burger giant has decided to temporarily shut down 165 of its outlets in north and east India. On Thursday, McDonald’s announced it has reached an out-of-court settlement with its estranged partner in India, Vikram Bakshi. With this, McDonald’s has bought out Bakshi’s stake in Connaught Plaza Restaurants Pvt Ltd (CPRL) that operated chain of McDonald’s restaurants in north and east India.
Now as the deal is complete with Bakshi, CPRL is completely owned by McDonald’s India Pvt Ltd (MIPL) and its affiliate (McDonald’s Global Markets LLC, “MGM”), the company said in a statement. With the new agreement, MGM has acquired the 50 per cent voting equity shares in CPRL that were held by Bakshi and his affiliated entity since the inception of the joint venture. This means, McDonald’s India will continue to hold its 50 per cent voting equity shares in CPRL.
Post Your Comments