International fast food chain McDonald’s has bought out its former partner Vikram Bakshi’s 50 percent stake in its Indian operations, ending a six-year dispute.
The disagreement arose when McDonald’s India attempted to oust Bakshi as MD of local operator CPRL in 2013, a decision that was overturned after local arbitration hearings ruled in favor of his reinstatement.
“With the transfer of ownership and management today, Mr. and Mrs. Bakshi end their association with CPRL and McDonald’s,” the company said in a statement. “McDonald’s acknowledges the significant work and contribution of Mr. Bakshi in establishing McDonald’s restaurants in North and East India.”
Bakshi was responsible for opening the first McDonald’s in the territory in the mid-90s, growing the franchise to more than 160 outlets in northern and eastern India.
McDonald’s now wholly owns CPRL, which will be headed by Robert Hunghanfoo going forward. The financial details of the transaction were not disclosed.
The firm is now seeking a new development licensee for the region.