June 2019 \ Business & Investment \ BUSINESS AND GOVERNANCE
McDonald’s acquires Connaught Plaza Restaurants

Food service retailer McDonald’s India has acquired Connaught Plaza ...

According to McDonald’s, the transfer of ownership and management is effective immediately. Robert Hunghanfoo has been appointed Head of CPRL, now owned by MIPL and its affiliate. “During the transition, MIPL will be focused on two key areas - providing employees with clarity and confidence in their future at McDonald’s and leveraging McDonald’s global system expertise to fortify high operating standards for our local customers,” the statement said. Mr Bakshi had signed the JV as an equal equity partner with McDonald’s Corp in 1995, established the first McDonald’s restaurant in India in 1996. McDonald’s remains committed to the opportunities in North and East India and intends to facilitate future growth by continuing to actively progress finding the right ‘Developmental Licensee’ (DL) for the region. As this process continues, CPRL will remain owned by MIPL and its affiliate.