LAST UPDATED: March 25, 2021, 12:54 p.m.
New Delhi (Anish Yande): Shares of Jubilant Foodworks surged by over 4 percent on Thursday. Following the opening bell, the share price of the food service company was recorded at Rs 2,963.60, at an increase of 3.29 percent. The shares reached a high of Rs 2,984.95 on Thursday’s session.
Jubilant Foodworks shares rise following Popeyes deal:
Jubilant Foodworks shares were trading 155.59 percent above their 52-week low and trading 7.82 percent below their 52-week high. The shares surged following the announcement of an agreement with PLK APAC to bring Popeyes brand of restaurants in India.
The food services company has signed an exclusive Master Franchise and Development Agreement with PLK APAC Pte. Ltd. Under the agreement, Jubilant Foodworks would be launching the fast-food chain of restaurants ‘Popeyes’ in Indian and neighboring markets. Jubilant has acquired the exclusive rights to operate and sub-license the Popeyes brand.
The Noida-based company would be developing, establishing, and operating Popeyes restaurants in India, Bhutan, and Bangladesh. PLK APAC is a subsidiary of Restaurant Brands International Inc.
Popeyes to launch restaurants in UK and Mexico:
Chairman of Jubilant Foodworks, Shyam S Bhartia, and co-chairman Hari S. Bhartia issued a statement announcing the signing of the agreement. They stated that ‘Chicken is one of the largest and fastest-growing categories in India and is expected to grow rapidly in years to come.’
The company stated that the Popeyes brand would be a key driver of Jubilant Foodworks growth in the upcoming years. Jubilant Foodworks currently owns and operates two fast-food chains, Domino’s Pizza and Dunkin’ Donuts in India.
Popeyes is a chain of fast-food restaurants serving fried chicken dishes. The restaurant chain was founded in 1972 in New Orleans, Louisiana. Currently, the brand has a presence across 25 countries with more than 3,400 restaurants.
The fast-food dining chain has outlets in Switzerland, China, Sri Lanka, Brazil, and the Philippines.
David Shear, the President of Restaurant Brands International, stated that Popeyes would also be launched in the UK and Mexico in 2021. The company would be setting up hundreds of restaurants in these countries.
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