MCDONALD’S CORP. BUYS OUT THE REMAINING STAKE IN JV, “CONNAUGHT PLAZA RESTAURANTS LTD.”
Connaught Plaza Restaurants Ltd (‘CPRL’) first came into existence in the year 1995 via a 50:50 joint venture agreement between Mr. Vikram Bakshi and McDonald’s India Private Limited whereby Mr. Bakshi would be the local partner for the all the north and east Indian outlets of McDonald’s India Private Limited for a period of 25 years. The first controversy surrounding this joint venture arose in the year 2008, when the Chicago-headquartered company tried to buy out Mr. Bakshi’s 50 per cent stake with an offer of $7 million dollars (approx).
newsletter-10-05-2019