Burger King Corporation not to raise stake in India business: Burger King India CEO
US-based fast-food brand owner Burger King Corporation, which holds about 12 per cent stake in Burger King India, is not exploring raising its holding in India operations, an official said on Thursday.
The majority stake of Burger King India is held by Everstone Capital, which holds 87.5 per cent, and reports suggest that the private equity firm was scouting for an opportunity to divest stake.
Everstone joined hands with US fast-food chain Burger King in 2013 to set up a franchise in India. Burger King India Chief Executive Officer Rajeev Varman also holds some stake in India operations.
Burger King India, which already manages 212 restaurants in India, is making a foray into the eastern market on Friday with its first store in a mall of south Kolkata. Three more restaurants in city malls were under discussion.
"Burger King Corporation holds about 12 per cent in Burger King India and will not hike stake any further. Everstone holds 87.5 per cent and even I hold some stake," Varman said.
He also ruled out Rahul Bhatia-controlled InterGlobe group holding talks to buy a stake in Burger King. "There are no talks with InterGlobe with regard to Burger King. But, Everstone as an investor may lookout for opportunities," Varman said when asked about exit rumours.
The reports also suggested that Everstone was preparing for an initial public offering but the same could not be confirmed. Burger King India Chief Marketing Officer Srinivas Adapa said they have introduced the city-specific menu to thrill the taste buds of city foodies.
