Connaught Plaza Restaurants Pvt Ltd (CPRL) is now wholly owned by McDonald's India Pvt Ltd (MIPL) and its affiliate (McDonald's Global Markets LLC, "MGM"), following the completion of a settlement reached with Bakshi, the company said in a statement.
US fast food chain McDonald's May 9 said it has reached an out-of-court settlement with estranged partner Vikram Bakshi, buying out the former partner from their joint venture that operated outlets of the chain in north and east India.
Connaught Plaza Restaurants Pvt Ltd (CPRL) is now wholly owned by McDonald's India Pvt Ltd (MIPL) and its affiliate (McDonald's Global Markets LLC, "MGM"), following the completion of a settlement reached with Bakshi, the company said in a statement.
As part of the agreement, MGM has acquired 50 per cent voting equity shares in CPRL, held by Bakshi and his affiliated entity since inception.
CPRL operates McDonald's outlets in north and east India.
The company, however, did not disclose financial details of the settlement.
On Monday, the estranged partners McDonald's and Bakshi had told the NCLAT that they are working towards an out-of-court settlement to end their over 5-year-old dispute.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.
