Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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McDonald's Indian franchisee Hardcastle to merge with listed parent

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A McDonald's sign is shown at the entrance to one of the company's restaurants in Del Mar, California September 10, 2012. REUTERS/Mike Blake/Files

A McDonald's sign is shown at the entrance to one of the company's restaurants in Del Mar, California September 10, 2012.

Credit: Reuters/Mike Blake/Files

MUMBAI | Fri Dec 7, 2012 7:28pm IST

MUMBAI (Reuters) - Hardcastle Restaurants, master franchisee for south and west India operations of burger chain McDonald's Corp (MCD.N), said it will merge with its parent Westlife Development Ltd (WEST.BO).

After the merger, the parent plans to increase McDonald's retail footprint to strengthen its presence in the existing market and enter newer ones, Amit Jatia, vice-chairman of Westlife Development, said in a statement on Friday.

Hardcastle will become a wholly owned unit of Bombay Stock Exchange-listed Westlife, giving investors a chance to participate in the growth of McDonald's in India.

Hardcastle, which operates 148 restaurants in India, has been growing at a compounded annual growth rate of 22.3 percent over the last three years.

Shares of Westlife, an illiquid stock, ended up 2 percent on the BSE on Friday. (Reporting by Nandita Bose; Editing by Prateek Chatterjee)
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