US fast food chain McDonald’s has selected MMG Group chairman Sanjeev Agrawal as its new partner to operate outlets in north and east India, the company said.
The development comes almost nine months after McDonald’s bought estranged partner Vikram Bakshi’s 50 per cent stake in Connaught Plaza Restaurants Ltd (CPRL), which has the licence to run its restaurants in north and east India.
A McDonald’s spokesperson said Agarwal is the new partner of the company for the two markets.
“Agrawal has a strong understanding and passion for the McDonald’s brand, insights into the local market, and a proven track record of driving quality and innovation in the food and beverage and hospitality industries,” McDonald’s Asia director, corporate relations, Barry Sum said.
Agrawal (55) is the group chairman of MMG Group, which has interests in the bottling and marketing of soft drinks, oil and gas, hospitality, among others.
MMG Group also controls Moon Beverages, which is among the key bottlers for American beverage maker Coca-Cola in north India and is also manufacturing for Coca-Cola, Limca, Sprite, Maaza, Thums Up, Fanta, Minute Maid, Coke Zero & Kinley.
Sum added that Agrawal is the “right strategic partner for McDonald’s to grow its brand presence in north and east India”. McDonald’s, however, has not shared the terms and conditions of the agreement and also the nature of the partnership. Comments from Agrawal regarding the development could not be obtained till the time of filing of the story.
The company also refrained from commenting on the ongoing matter between McDonald’s and its former JV partner Vikram Bakshi before the National Company Law Appellate Tribunal (NCLAT), where state-run Hudco has opposed sale/transfer of share by Bakshi to the fast food chain after settlement.
“McDonald’s remains a shareholder of CPRL, and continues to hold the shares that were acquired from Vikram Bakshi and his holding company in CPRL,” said Sum, adding that Robert Hunghanfoo continues to head CPRL.
In May last year, McDonald’s had announced an out-of-court settlement agreeing to buy Bakshi’s stake in their joint venture.
