Burger King Corp Not to Raise Stake in India Biz: Burger King India CEO

Kolkata, Aug 29 (PTI) US-based fast food brand owner Burger King Corporation, which holds about 12 per cent stake in Burger King India, is not exploring raising its holding in India operations, an official said on Thursday.

Majority stake of Burger King India is held by Everstone Capital, which holds 87.5 per cent, and reports suggest that the private equity firm was scouting for opportunity to divest stake.

Everstone joined hands with US fast food chain Burger King in 2013 to set up franchise in India.

Burger King India Chief Executive Officer Rajeev Varman also holds some stake in India operations.

Burger King India, which already manages 212 restaurants in India, is making a foray into the eastern market on Friday with its first store in a mall of south Kolkata. Three more restaurants in city malls were under discussion.

"Burger King Corporation holds about 12 per cent in Burger King India and will not hike stake any further. Everstone holds 87.5 per cent and even I hold some stake," Varman said.

He also ruled out Rahul Bhatia-controlled InterGlobe group holding talks to buy stake in Burger King.

"There are no talks with InterGlobe with regard to Burger King. But, Everstone as an investor may look out for opportunities," Varman said when asked about exit rumours.

The reports also suggested that Everstone was preparing for an initial public offering but the same could not be confirmed.

Burger King India Chief Marketing Officer Srinivas Adapa said they have introduced city-specific menu to thrill the taste buds of city foodies.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)