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Mcdonald’s India gets funding of Rs 70 crore from its US parent



Mcdonald’s India private Limited (MIPL) has secured Rs 70 crores from its parent company McDonald’s International Branch Holdings LLC, according to financial data accessed by business intelligence platform, Tofler. The US based quick service restaurant (QSR), bought seven crore shares worth Rs 10 from its Indian subsidiary on June 20, 2019.

McDonald’s India Pvt Ltd (MIPL) announced on Thursday that it has acquired full ownership of Connaught Plaza Restaurants Limited (CPRL), and that the latter is now wholly owned by MIPL and its affiliate McDonald’s Global Markets LLC or MGM.

The funding comes a month after the QSR chain acquired full ownership of Connaught Plaza Restaurants Limited (CPRL) which runs McDonald’s restaurants in North and East from its long-estranged business partner Vikram Bakshi. With the transfer of ownership and management, Bakshi ended his over-two-decade-old association with CPRL and McDonald’s.

The association between Bakshi and McDonald’s had begun in 1995 when, under a 25-year deal, the two partners formed a 50:50 joint venture company — Connaught Plaza Restaurant — to set up outlets in the north and the east under the franchisee model.

At present, McDonald’s had two business entities in India. The other one is Amit Jatia’s Hardcastle Restaurants, which runs McDonald’s business in southern and western India.

After taking over the reins from Vikram Bakshi, McDonald’s had temporarily shut down all of CPRL’s outlets in the northern and eastern regions of the country to re-calibrate its processes.

While a sizable number of those restaurants have been reopened by the burger giant, albeit with clipped menus, the company said, CPRL will continue to re-open restaurants over the coming days and weeks in North and East India as it completes the work needed to ensure customers receive the best possible experience they visit.

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