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US fast food chain McDonald’s on Thursday said it has reached an out-of-court settlement with estranged partner Vikram Bakshi, buying out the former partner from their joint venture that operated outlets of the chain in north and east India.
Connaught Plaza Restaurants Pvt Ltd (CPRL) is now wholly owned by McDonald’s India Pvt Ltd (MIPL) and its affiliate (McDonald’s Global Markets LLC, “MGM“), following the completion of a settlement reached with Bakshi, the company said in a statement.
As part of the agreement, MGM has acquired 50 per cent voting equity shares in CPRL, held by Bakshi and his affiliated entity since inception.
CPRL operates McDOnald’s outlets in north and east India.
The company, however, did not disclose financial details of the settlement.
On Monday, the estranged partners McDonald’s and Bakshi had told the NCLAT that they are working towards an out-of-court settlement to end their over 5-year-old dispute.
The NCLAT’s two-member bench directed that either of the parties to file an affidavit including the terms of the settlement being arrived at on May 13.
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