McDonald’s franchisee to become a subsidiary of Westlife Development

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McDonald’s franchisee to merge with Westlife Development
Westlife Development, announced that a scheme of arrangement is proposed for consolidation of some of its group companies.

As a result, Hardcastle Restaurants Private Limited (HRPL), a Master Franchisee for west & south India operations of McDonald's Restaurants, will become will become a direct subsidiary of Westlife Development Limited (WDL), the company said in the press release.

Commenting on the merger, Mr. Amit Jatia, Vice-Chairman of Westlife Development Limited said, "The consolidation of our companies under Westlife Development opens up options for us to accelerate our growth plans for expanding McDonald's restaurants in west and south India. The consolidation will also open up opportunities for the India market to invest in the growth of the McDonald's Franchisee, HRPL, through Westlife Development."

Westlife Development Ltd reported a net profit of Rs 31.40 crore for the year 2011-12, riding on the strong performance of its subsidiary, HRPL. Total revenues for the consolidated company stood at Rs 547 crore.

Hardcastle Restaurants Pvt Ltd (HRPL) reported a 126% growth in profit for the financial year 2011-
12 ending March 31, 2012. Net profit stood at Rs 42.51 crore as against Rs 18.78 crore in the previous fiscal.

HRPL currently has a footprint in west and south India with 148 restaurants across west and south markets.

Read more about: westlife development, merger
Story first published: Saturday, December 8, 2012, 10:54 [IST]
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