India has seized control of a $300 billion condiment manufacturing business from US multinational McDonalds, which was based in the US, a senior official said on Tuesday.
The announcement comes after a deal was reached with the United States for McDonalds to buy an Indian condiment company, Pariket Industries Ltd, for $1.9 billion, an official said.
McDonalds had planned to sell its food and beverage business to McDonalds India Ltd, the company said in a statement.
The deal for Parikets condiment division has been approved by the board of directors of McDonalds,” the company added.
It said it will share the proceeds with its stakeholders in India.
In the last few months, we have been investing more and more in the country and our focus is to continue to do so,” it said.”
We have invested heavily in India in recent years.
In the last few months, we have been investing more and more in the country and our focus is to continue to do so,” it said.
Parikets founder and CEO Sunil Bhatia has led the firm for more than 20 years and its turnover has risen from Rs 2,000 crore in 2009 to Rs 3,600 crore last year.