India: Burger King partners with Everstone to establish 500 locations
Burger King has formed a joint venture with private equity firm Everstone Capital to enter into the Indian market.
The venture plans to invest $100 million to set up 500 outlets in the country over 7-10 years as a franchisee of Burger King.
According to Elias Diaz Sese, president of Burger King Asia Pac Pte Ltd, "India is a market with huge potential for Burger King restaurants and we have the chance to offer the unique Burger King brand proposition to its consumers with our own local twist to the menu."
The private equity firm has signed a long-term master franchise and development deal that includes sub-franchise rights for all of India. Over the next few months, Everstone will work together with BK AsiaPac Pte Ltd to set up a supply chain in India and work on a roll-out plan to establish Burger King restaurants across the country.