US fast-food chain McDonald’s has decided to temporarily close 165 of its Quick Service Restaurants (QSRs) in north and east India after it announced an out-of-court settlement with its estranged India partner Vikram Bakshi, ending its almost six years of acrimonious legal battles. As part of the deal, the US-based company has bought out Vikram Bakshi’s 50 per cent stake in Connaught Plaza Restaurants Pvt Ltd (CPRL) that runs and operates McDonald’s outlets in northern and eastern India.
“With the transfer of ownership and management today, Mr. and Mrs. Bakshi end their association with CPRL and McDonald’s, McDonald’s said in a statement. The settlement marks the end of the uncertainty for the staff at these McDonald’s outlets and is good news for consumers of the Big Mac Burgers.
The company, however, did not reveal the financial details of the transaction. The buzz in the market is that the deal was closed at around Rs 1,200 crore.
Vikram Bakshi is reportedly in discussion with McDonald’s rival burger chain Wendy’s for franchise rights. Wendy’s runs over 6,600 restaurants globally. At present, it operates less than 10 QSRs in India and has deferred plans of opening up to 50 outlets as planned earlier.
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