Jubilant Foodworks Limited announces a landmark agreement to bring Popeyes® to India, Bangladesh, Nepal and Bhutan

Jubilant Foodworks Limited (JFL), the largest foodservice company in India, announced that it has entered into an exclusive Master Franchise and Development Agreement with PLK APAC Pte. Ltd., a subsidiary of Restaurant Brands International Inc. (RBI), to develop, establish, own and operate hundreds of Popeyes® restaurants in India, Bangladesh, Nepal and Bhutan in the coming years.

Founded in New Orleans in 1972, Popeyes® has more than 45 years of history and culinary tradition. Popeyes® distinguishes itself with a unique New Orleans style menu featuring the iconic chicken sandwich, spicy chicken, chicken tenders, fried shrimp, and other regional items. Popeyes® uses proprietary seasonings and techniques developed by an in-house culinary team of chefs that makes its fried chicken a point of reference for Michelin Chefs and celebrities.

The brand's passion for its Louisiana heritage and flavourful authentic food has allowed Popeyes® to become one of the world's largest chicken quick service restaurants with over 3,400 restaurants in over 25 countries around the world.

Since its acquisition by RBI, Popeyes® has expanded successfully into Spain, Switzerland, China, Brazil, Sri Lanka and the Philippines over the past few years. Popeyes® will also enter the United Kingdom and build its presence in Mexico starting in 2021, with plans to open several hundreds of restaurants across both countries. Today's agreement will pave the way for guests to enjoy Popeyes® world-famous menu items, including the brand's signature Chicken Sandwich.

Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman, Jubilant Foodworks Limited said: "We are happy to announce the signing of a multi-country agreement to acquire the exclusive rights to operate and sub-license the iconic Popeyes® brand in India and neighbouring countries. Chicken is one of the largest and fastest growing categories in India and is expected to grow rapidly in years to come. Popeyes® will be an exciting addition to the JFL portfolio and is expected to become one of the key drivers of growth for us in the coming years."

David Shear, President International at RBI, commented: "We're excited to introduce our iconic Louisiana-style chicken to a new population in the world that already celebrates and loves bold and delicious flavours. At Popeyes®, we believe that the best food takes time, we marinate our chicken for 12 hours in bold Louisiana seasonings, then hand batter and slowly cook it to make it the juiciest and crispiest chicken that I think our guests will ever have."

Shares of Jubilant FoodWorks Ltd was last trading in BSE at Rs.2869.3 as compared to the previous close of Rs. 2932.35. The total number of shares traded during the day was 19090 in over 2063 trades.

The stock hit an intraday high of Rs. 2950.65 and intraday low of 2858.9. The net turnover during the day was Rs. 55476058.

Source : Equity Bulls

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