Jubilant FoodWorks forms JV with Golden Harvest to launch Domino’s Pizza in Bangladesh1 min read . Updated: 06 Mar 2018, 11:58 PM IST
Golden Harvest QSR will have a 49% holding in the JV while 51% will be with Jubilant FoodWorks
New Delhi: Jubilant FoodWorks Ltd, which operates Domino’s Pizza and Dunkin’ Donuts outlets in India, on Tuesday said it has formed a joint venture with Golden Harvest QSR Ltd of Bangladesh to launch Domino’s Pizza in the neighbouring country.
Golden Harvest QSR, which is an entity of the diversified Golden Harvest group that has businesses across food, dairy, logistics and commodities, will have a 49% holding in the JV while 51% will be with Jubilant FoodWorks, the company said in a statement.
“As one of the fastest growing economies, we believe that Bangladesh offers huge potential for Domino’s," Shyam S. Bhartia, chairman and Hari S. Bhartia, co-chairman, Jubilant FoodWorks, said in the statement.
Besides India, Jubilant FoodWorks has rights to develop and operate Domino’s Pizza in Sri Lanka, Bangladesh and Nepal. The company currently operates 1,128 Domino’s Pizza restaurants and 43 Dunkin’ Donuts stores in India, it said.
Jubilant reported a huge jump in profit for the quarter ended December 2017. Its net profit rose to Rs66 crore, from Rs19.97 crore a year ago. Operating revenue rose 20.7% to Rs795.16 crore from Rs658.83 crore.
The promoters of HT Media Ltd, which publishes Mint, and Jubilant FoodWorks are closely related. There are, however, no promoter cross-holdings.