McDonald's plans to open 80-90 outlets in India
Fast food chain McDonald's plans to open 80-90 new outlets in western and southern India in the next…Fast food chain McDonald's plans to open 80-90 new outlets in western and southern India in the next two years as part of the company’s strategic plan.
McDonalds, which operates in India through Hardcastle Restaurants, currently has 309 stores in the country.
The chain intends to invest INR5bn-INR10bn ($92m-$184m) in India over the next 3-5 years, majority of which will be used for store expansion.
Besides store expansions, the fast food chain has outlined plans to increase prices by 5-6%, for the second time this year, following a rise in inflation, along with an economic slowdown.
Hardcastle is also looking possible options like fund raising to fuel McDonalds' expansion in the country in the coming years.
Commenting on the move, Hardcastle Restaurants vice-chairman Amit Jatia told Reuters that rising inflation is forcing them to hike prices.
"We are in talks with merchant bankers every day and are open to it. But we are considering all our options and that includes debt also. We will be clear with our decision on what instrument we choose in a month," Jatia said.
