Westlife Development Limited, a company listed on the Bombay Stock Exchange, today announced that a scheme of arrangement is proposed for consolidation of some of its group companies. As a result of the proposed consolidation, Hardcastle Restaurants Private Limited (HRPL), a Master Franchisee for west & south India operations of McDonald’s Restaurants, will become a direct subsidiary of Westlife Development Limited (WDL).
Commenting on the merger, Mr. Amit Jatia, Vice-Chairman of Westlife Development Limited said, “The consolidation of our companies under Westlife Development opens up options for us to accelerate our growth plans for expanding McDonald’s restaurants in west and south India. The consolidation will also open up opportunities for the India market to invest in the growth of the McDonald’s Franchisee, HRPL, through Westlife Development.”
Hardcastle Restaurants Pvt Ltd (HRPL) reported a 126% growth in profit for the financial year 2011-12 ending March 31, 2012. Net profit stood at 425.1mn as against 187.8mn in the previous fiscal.
HRPL currently has a footprint in west and south India with 148 restaurants across west and south markets. HRPL grew its restaurant footprint by 20% in fiscal 2011-12 ending March 31, 2012, increasing its store count from 107 in FY 2010-11 to 130, with a CAGR of 22.34% over the last 3 years.