With the 64-year-old entrepreneur, Vikram Bakshi, who is credited to bring McDonald’s to India, failing to get a better share, McDonald’s and Mr. Bakshi have decided to end their 25-year joint venture. In a statement, a representative of McDonald’s said that as of today, McDonalds’ will be transferring their ownership and shifting their management. As a consequence to the end of the 25-year long partnership, McDonalds’ said that at least 165 outlets in the North and in the East of India will be shut temporarily.
However, a representative of the fast food chain said that they hope to re-open the outlets within 2 weeks and are focused on improving their quality to offer their customers the highest level of satisfaction at their outlets.
Mr. Bakshi launched a bitter battle against McDonald’s which has lasted 6 years, and according to Connaught Plaza Restaurants (CPRL), the settlement he received from McDonald’s is around $330 million, though none of the involved parties have made any statement on the settlement. Rumour has it that Mr.Bakshi’s next venture could be with McDonald’s competitor, Wendy’s.
Source: Times of India