Burger King, Everstone Group ink joint venture partnership in India
Burger King Worldwide recently announced a joint venture partnership with South Asian private equity firm Everstone Group to bring the hamburger fast food chain in India. According to Nation's Restaurant News (NRN), Burger King and Everstone jointly signed a long-term master franchise and development agreement for India. The partnership terms also included sub-franchise rights. The financial terms of the deal, however, have not been disclosed.
NRN said India remained to be a key international growth market for many restaurant chains. Citing data from Euromonitor, it said India's commercial foodservice market was forecasted to grow by USD12.7 billion to USD106.3 billion by 2017.
Burger King opened 39 new restaurants in Asia-Pacific during the third quarter. It now has a total of 1,114 units in the region. Asia-Pacific is still lagging behind Latin America and the Caribbean with 1,451 locations and the Europe, Middle East and African segment with 3,290 locations, the report said.
Burger King's franchise system of 13,259 restaurants are mostly located in the United States and Canada, NRN said.