BENGALURU (Reuters) - McDonald’s Corp’s Indian arm has reached a settlement with former partner Vikram Bakshi, acquiring full ownership in their joint venture Connaught Plaza Restaurants Ltd, the company said in a statement.
“Today’s ownership transfer marks an important and positive milestone for McDonald’s in North and East India,” McDonald’s said.
The U.S. fast food chain was involved in a long-standing legal battle with Bakshi, claiming his company, which operated outlets of the chain in north and east India, breached the terms of their franchise agreements.
The company has closed its restaurants in North and East India to conduct a “comprehensive assessment of operational protocols and employee training,” the statement said, and added that the restaurants will be opened over the next two weeks.
Bakshi did not immediately respond to Reuters’ request for comment.
The company appointed Robert Hunghanfoo as head of Connaught Plaza.
Reporting by Chris Thomas and Chandini M in Bengaluru; Editing by Subhranshu Sahu and Alexandra Hudson
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