Vikram Bakshi, former McDonald’s India partner backs burger brand AKU’S – Times of India

Date:



NEW DELHI: Vikram Bakshi, the CEO & MD of Ascot Hospitality, who parted ways with McDonald’s a few years ago, has invested in New Delhi-based brand AKU’S The Burger Co. The investment has been routed via Bakshi’s family office. “At this stage, I am not in a position to disclose the detailed terms of the deal. However, the investment is as equity with a seat on the board,” Bakshi told TOI.
AKU’S which is run by siblings Akriti and Ankit Malhotra will continue to be steered by them, Bakshi said.
Explaining his rationale behind the investment, Bakshi, the former Indian partner of American fast food giant McDonald’s who back in 1996 had helmed the launch of the US brand’s first Delhi store in the city’s Vasant Vihar area said that the time is ripe to upgrade the burger culture in India. “Their philosophy (AKU’S) connects with my thinking and the present demand of the Gen Z and millennials. Our investment and my knowledge is aimed to help in the expansion of the brand pan-India,” said Bakshi.
AKU’S which sells a range of burgers including DIY (do-it-yourself) burger kits runs two outlets in Delhi and a kiosk in Gurgaon’s Cyberhub. “Two more outlets are planned to be opened very soon and we are aiming at being available across Delhi-NCR in the coming year,” added Bakshi.
Bakshi had been engaged in a long feud with McDonald’s over the control of Connaught Plaza Restaurant (CPRL), an equal joint venture entity the both had formed to open McDonald’s stores in North and East India under a franchisee arrangement. In 2019, the two finally reached an out of the court settlement with the US firm buying Bakshi’s 50% stake in CPRL. Recently, the Supreme Court rejected Housing and Urban Development Corporation’s (HUDCO) appeal against the settlement.





>Source link

2023-05-26 04:43:07

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

ChatGPT pioneer Sam Altman, others warn AI can wipe out humanity, if left loose

  A number of artificial intelligence (AI) experts, academicians...

China launches new crew for orbiting space station, looking to put astronauts on moon by end of decade

China launched a Shenzhou-16 spacecraft carrying three astronauts...

DC Studios boss James Gunn opens up about overcoming addiction

James Gunn, the acclaimed writer and director known...

Uyghur student did not go missing in Hong Kong after being interrogated at airport, rights group says

Human rights group Amnesty International previously reported that...
World of africa : kenya votes for a new president. Black girl wins first national spelling bee, dealing blow to racism : npr. Donald trump arrested at new york court, appears before judge.