Westlife Foodworld

Last updated

Westlife Foodworld Limited
TypePublic
BSE:  505533
NSE:  WESTLIFE
ISIN INE274F01020
IndustryRestaurants
Founded30 October 1982;41 years ago (1982-10-30)
HeadquartersTower 3, Indiabulls Finance Center, Senapati Bapat Marg, Elphinstone Road,
Mumbai, Maharashtra
,
India [1]
Number of locations
305 outlets [2]  (October 2021)
Areas served
Key people
Amit Jatia (Chaiperson) [3]
Brands
ServicesMaster franchisee for McDonald's in western and southern India
RevenueIncrease2.svg₹2,259 crore (US$280 million) (FY23) [4]
Increase2.svg₹112 crore (US$14 million) (FY23) [4]
Owners
  • Horizon Impex Pvt Ltd (30.4%)
  • Subh Ashish Exim Pvt Ltd (21.37%)
  • Makino Holdings Limited (7.64%) [5]
Number of employees
6,905 [6]  (FY18)
Subsidiaries Hardcastle Restaurants Pvt. Ltd.
Website www.westlife.co.in

Westlife Foodworld Limited (formerly Westlife Development Limited) [7] 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. [8] [9]

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. [10]

History

Westlife Development was founded on 30 October 1982. [5] 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. [11] The joint venture was converted into a master franchisee in 2010. [12] Amit Jatia, the Chairperson of Westlife Foodworld, 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. [13] Westlife Development was listed on the Bombay Stock Exchange on 27 August 2013. [14]

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. [15]

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. [16] [17] The program was successfully rolled out to half of the company outlets by July 2018. [18] Hardcastle began rolling out self-ordering kiosks at McDonald's outlets in 2017. [19] The first kiosk was installed at the outlet in CR2 Mall at Nariman Point, Mumbai in March 2017. [20]

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References

  1. ↑ "Contact Us". Westlife Development. Retrieved 19 April 2019.
  2. ↑ Ambwani, Meenakshi Verma; Jayan, TV (13 October 2021). "Westlife Development to launch 200 McDonald's outlets in next five years". The Hindu Business Line. Retrieved 11 June 2022.
  3. ↑ "Board of Directors". Westlife Development. Retrieved 19 April 2019.
  4. 1 2 "Westlife Development net profit grows 30.3% to Rs 20.3 cr in March quarter". Business Standard. Retrieved 7 November 2023.
  5. 1 2 "Annual Report 2017-18" (PDF). Westlife Development. Retrieved 19 April 2019.
  6. ↑ "Investors". Westlife Development. Retrieved 19 April 2019.
  7. ↑ "Westlife Development renamed Westlife Foodworld". mint. 4 November 2022. Retrieved 11 December 2022.
  8. ↑ "McDonald's posts its first-ever profit in India after 22 years". Business Today. 26 December 2018. Retrieved 19 April 2019.
  9. ↑ "Westlife Development Plans To Double McDonald's Store Count By 2022". BloombergQuint. 14 June 2018. Retrieved 19 April 2019.
  10. ↑ Bhushan, Ratna. "McDonald's buys Vikram Bakshi's 50% stake in Connaught Plaza Restaurants". The Economic Times. Retrieved 12 March 2022.
  11. ↑ "'As long as you are sure of what goes in your food, you're safe': Smita Jatia, MD, McDonald's India West and South - ET BrandEquity". ETBrandEquity.com. Retrieved 4 November 2021.
  12. ↑ Munshi, Neil (29 January 2015). "McDonald's and its challenges worldwide: a market-by-market look". Financial Times. Retrieved 19 April 2019.
  13. ↑ "McDonald's franchisee Hardcastle Restaurants merges with BSE-listed group company - Times of India". The Times of India. 7 December 2012. Retrieved 19 April 2019.
  14. ↑ "WDL Listing". Westlife Development. Retrieved 19 April 2019.
  15. ↑ Tandon, Suneera (3 March 2017). "McDonald's is finally taking note that Indians have moved beyond the humble McAloo Tikki burger". Quartz India. Retrieved 19 April 2019.
  16. ↑ "McDonald's recycles used oil to power delivery trucks". Fortune India. 4 July 2018. Retrieved 19 April 2019.
  17. ↑ Agarwal, Sapna (24 July 2018). "McDonald's recycles used oil to power trucks in sustainability push". Mint. Retrieved 19 April 2019.
  18. ↑ Pinto, Viveat Susan (23 July 2018). "McDonald's does a first in India, converts used cooking oil into biodiesel". Business Standard India. Retrieved 19 April 2019.
  19. ↑ Agarwal, Sapna (1 September 2018). "McDonald's bets on tech for better ratings". Mint. Retrieved 19 April 2019.
  20. ↑ "McDonald's India launches its first EOTF restaurant in South Mumbai". exchange4media. Retrieved 19 April 2019.
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