FILE PHOTO: The logo of a McDonald’s Corp restaurant is seen in Los Angeles, California, U.S. October 24, 2017. REUTERS/Lucy Nicholson/File Photo
BENGALURU (Reuters) – McDonald’s Corp’s Indian arm has reached a settlement with former partner Vikram Bakshi, acquiring full ownership in their joint venture Connaught Plaza Restaurants Ltd, the company said in a statement.
“Today’s ownership transfer marks an important and positive milestone for McDonald’s in North and East India,” McDonald’s said.
The U.S. fast food chain was involved in a long-standing legal battle with Bakshi, claiming his company, which operated outlets of the chain in north and east India, breached the terms of their franchise agreements.
The company has closed its restaurants in North and East India to conduct a “comprehensive assessment of