McDonald's Indian franchisee Hardcastle to merge with listed parent
MUMBAI Dec 7 (Reuters) - Hardcastle Restaurants, master franchisee for south and west India operations of burger chain McDonald's Corp, said it will merge with its parent Westlife Development Ltd.
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.
- Tweet this
- Share this
- Digg this
- UPDATE 3-Record cold, ice grip U.S.; more snow to blanket East
- Record cold, ice grip U.S.; more snow to blanket East
- REFILE-Putin dissolves state news agency, tightens grip on Russia media
- Nokia offers $369 mln deposit to unfreeze Indian assets
- UPDATE 4-Sysco to buy US Foods from private equity, shares leap
The BJP vowed on Monday to seize the momentum from a string of big state poll victories and smooth the tough job of broadening its appeal beyond traditional northern strongholds in time for a national election next year. Full Article