Mumbai: McDonald's Indian franchisee Hardcastle Restaurants (for south and west India operations) will merge with its parent Westlife Development Ltd, as per a news wire report.
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, the wire quoting a statement on Friday said.
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.
With Agency Inputs
First Published: Saturday, December 8, 2012, 09:29