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Jubilant FoodWorks and Golden Harvest in JV for Domino’s in Bangladesh
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Thursday, 08 March, 2018, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Jubilant Food Works Ltd, one of the India’s largest food service company, announced its joint venture (JV) with Golden Harvest QSR Limited to launch Domino’s Pizza in Bangladesh. Post-investment in JV, Jubilant FoodWorks will be the major shareholder in the joint venture entity, Jubilant Golden Harvest Limited, with 51 per cent of the total shareholding, while Golden Harvest QSR Limited, a part of the Golden Harvest Group, will own 49 per cent in the JV.
Speaking on the announcement, Shyam S Bhartia, chairman, Jubilant FoodWorks, and Hari S Bhartia, the company’s co-chairman, said, “Today’s announcement marks a significant step in our journey of international expansion. As one of the fastest-growing economies, we believe that Bangladesh offers huge potential for Domino’s.”
“We are delighted to partner with the Golden Harvest group to introduce Domino’s pizza in Bangladesh. In Golden Harvest, we have found a trusted and capable partner with a diversified set of businesses across food, dairy, logistics, commodities and other areas, and we look forward to building our business in partnership with them,” they added.
Commenting on the development, Pratik Pota, chief executive officer and whole-time director, Jubilant FoodWorks Limited, said, “We are excited to be entering the Bangladesh market. As the eighth most populous country in the world with the highest population density and a young demographic, the Bangladesh market presents a great growth opportunity for Domino’s.”
“We are confident that with Jubilant’s strong operational expertise and Golden Harvest’s deep understanding of the Bangladesh market, we will be able to carve a strong position in the food services market in the country,” he added.
Rajeeb Samdani, managing director, Golden Harvest Group, said, “We are excited to collaborate with Jubilant FoodWorks to bring the world-renowned and iconic Domino’s Pizza brand to Bangladesh.”
“Pizza is a growing food segment in the country as the consumers are opening up to more experimentation in food especially global cuisines. This partnership has a huge potential, and with Jubilant FoodWorks’ support, we are confident that we would be able to deliver a great pizza experience to our customers in Bangladesh.”
Jubilant FoodWorks Limited, which is a master franchise holder of Domino’s Pizza and Dunkin’ Donuts brands in India, has exclusive rights to develop and operate Domino’s Pizza brand in Sri Lanka, Bangladesh and Nepal as well.
Golden Harvest QSR Limited is a part of Golden Harvest Group of Bangladesh, which is a diversified conglomerate and has interests in various sectors such as food, commodities, logistics and dairy.
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