The joint venture partners of TGI Friday’s in India have sold their shares to Singapore-based Universal Success Enterprises, Deal Street Asia reported on Tuesday (Sept. 3).
Bistro Hospitality had a 75 percent stake, while TGI Friday’s had a 25 percent stake. Financial details of the deal were not disclosed.
The restaurant has nine locations in India and has been in the country for more than 20 years. Three stores were shuttered in 2018 as profits dipped due to issues with the input tax credit.
Universal Success operates Outback Steakhouse restaurants in Southeast Asia, including Malaysia, Singapore and the Philippines. The TGI Friday’s brand will continue in India following the ownership change, The Economic Times reported on Monday (Sept. 2).
“This was a strategic buyout,” said Rohan Jetley, chief executive of Bistro Hospitality, confirming the sale of the promoter Jetley family’s 75 percent stake.
Universal Success Enterprises was founded by Prasoon Mukherjee in 2000 and started investing in India in 2004 with the creation of Kolkata West International City, a 377-acre township in Howrah.
In other India news, the Competition Commission of India (CCI) has greenlighted the merger of Altran Technologies SA and Capgemini. The total cash consideration will amount to €3.6 billion, excluding net financial debt (c. €1.4 billion), Capgemini said in a press release.
“This proposed combination enables Capgemini to take the lead in a very promising market segment – what we call ‘intelligent industry,’ or the digital transformation of industrial and tech companies,” Paul Hermelin, chairman and CEO of the Capgemini Group, said in the release.
“The complementarity and power of our combined business and technological expertise are truly outstanding assets. By joining forces, we are positioning ourselves as a clear strategic partner to assist our clients in taking full advantage of the revolution created by the developments of the cloud, edge computing, IoT, artificial intelligence and 5G,” he continued. “I am delighted to welcome to Capgemini the talents and leaders of Altran, who share our beliefs and corporate culture.”
India’s population of 1.3 billion people is the remaining global opportunity for smartphone makers amid a surge in the country’s online retail market.
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