Westlife Development

Last updated

Westlife Development Limited
TypePublic
BSE:  505533
NSE:  WESTLIFE
ISIN INE274F01020
IndustryRestaurants
Founded30 October 1982;39 years ago (1982-10-30)
HeadquartersTower 3, Indiabulls Finance Center, Senapati Bapat Marg, Elphinstone Road, ,
India [1]
Number of locations
305 outlets [2]  (October 2021)
Areas served
Key people
B.L. Jatia (Chairman) [3]
Brands
ServicesMaster franchisee for McDonald's in western and southern India
RevenueIncrease2.svg1,152.645 crore (US$150 million) [4]  (FY18)
Increase2.svg95.130 crore (US$12 million) [4]  (FY18)
Increase2.svg12.857 crore (US$1.7 million) [4]  (FY18)
Total assets Increase2.svg805.368 crore (US$110 million) [4]  (FY18)
Total equity Increase2.svg542.243 crore (US$71 million) [4]  (FY18)
Owners
  • Horizon Impex Pvt Ltd (30.4%)
  • Subh Ashish Exim Pvt Ltd (21.37%)
  • Makino Holdings Limited (7.64%) [4]
Number of employees
 (FY18)
Subsidiaries Hardcastle Restaurants Pvt. Ltd.
Website www.westlife.co.in

Westlife Development Limited is an Indian fast food restaurant holding company. Its wholly owned subsidiary Hardcastle Restaurants Pvt. Ltd. (HRPL) holds the master franchise for McDonald's in western India and South India. [5] [6]

Contents

McDonald's Indian subsidiary, McDonald's India Private Ltd., acquired complete ownership of Connaught Plaza Restaurants Limited, its other Indian master franchisee, on 9 May 2019, ending a partnership established in 1995 and leaving Westlife Development as McDonald's only third-party master franchisee in India. [7]

History

Westlife Development was founded on 30 October 1982. [4] Hardcastle Restaurants was established as a joint venture between Westlife Development and the McDonald's Corporation in 1995. Hardcastle opened its first McDonald's restaurant in Bandra, Mumbai in 1996, three days after McDonald's other Indian franchisee had opened the first McDonald's outlet in the country in Basant Lok, New Delhi. [8] The joint venture was converted into a master franchisee in 2010. [9] Amit Jatia, the Vice Chairman of Hardcastle Restaurants, acquired the McDonald's Corporation's 50% stake in Hardcastle for an undisclosed amount in late 2012. Hardcastle was merged into the listed group company Westlife Development, making the former a wholly owned subsidiary of the latter. [10] Westlife Development was listed on the Bombay Stock Exchange on 27 August 2013. [11]

McDonald's breakfast menu was launched in 2010, and made available all day long at select outlets from 2016. The first McCafe was opened in Mumbai in 2013. [12]

In 2017, Hardcastle initiated a pilot project to use biodiesel made from used cooking oil to power its refrigerated supply delivery trucks some of its restaurants in Mumbai. [13] [14] The program was successfully rolled out to half of the company outlets by July 2018. [15] Hardcastle began rolling out self-ordering kiosks at McDonald's outlets in 2017. [16] The first kiosk was installed at the outlet in CR2 Mall at Nariman Point, Mumbai in March 2017. [17]

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References

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