Vikram Bakshi exits McDonald’s

New Delhi

Estranged partners McDonald’s and Vikram Bakshi today announced an out-of-court settlement, ending their almost six-year-long dispute.

As part of the agreement, the US fast food chain will buy out for an undisclosed sum Vikram Bakshi and his entities’ 50% stake in Connaught Plaza Restaurants Pvt Ltd (CPRL) that operates McDonald’s chain of quick service restaurants in northern and eastern India.

The company also announced appointment of Robert Hunghanfoo as head of CPRL with immediate effect, who will be supported by McDonald’s global leaders along with the CPRL team, to facilitate a smooth transition.

“CPRL is now wholly owned by MIPL and its affiliate MGM (McDonald’s Global Markets LLC) following the completion of a settlement reached with former JV partner, Vikram Bakshi…,” the company said.

It follows “the acquisition by MGM of 50% voting equity shares in CPRL, held since inception by Bakshi and his affiliated entity”.

During the transition, MIPL will be focused on two key areas – providing employees with clarity and confidence in their future at McDonald’s and leveraging its global system expertise to fortify high operating standards for our local customers.

Ron Christianson, global head of corporate relations, International Developmental, Licensee Markets, McDonald’s, said the company is looking for partner to run the operation in north and east India.

“We are still actively progressing the search for an ideal partner for North and East India. That process is still ongoing but certainly rest assured once we do, the ownership will transition to whoever the individual is,” Christianson said.

Six-year-old dispute ends

Robert Hunghanfoo has been appointed head of CPRL with immediate effect, who will be supported by McDonald’s global leaders along with the CPRL team, to facilitate a smooth transition