Mar 6: Jubilant FoodWorks Ltd, one of India’s largest food service companies, on Tuesday announced its joint venture with Golden Harvest QSR Ltd to launch Domino’s Pizza in Bangladesh.
Post investment in JV, Jubilant FoodWorks will be the major shareholder in the joint venture entity ‘Jubilant Golden Harvest Ltd’ with 51% of the total shareholding, while Golden Harvest QSR Ltd, a part of the Golden Harvest Group, will own 49% in the JV.
Speaking on the announcement, Shyam S Bhartia, Chairman, and Hari S Bhartia, Co-Chairman, Jubilant FoodWorks Ltd, said, “today’s announcement marks a significant step in our journey of international expansion. As one of the fastest growing economies, we believe that Bangladesh offers huge potential for Domino’s. We are delighted to partner with the Golden Harvest group to introduce Domino’s pizza in Bangladesh.”
Commenting on the development, Pratik Pota, CEO & Whole time Director, Jubilant FoodWorks Ltd, said, “we are excited to be entering the Bangladesh market. As the eight most populous country in the world with the highest population density and a young demographic, the Bangladesh market presents a great growth opportunity for Domino’s. We are confident that with Jubilant’s strong operational expertise and Golden Harvest’s deep understanding of the Bangladesh market, we will be able to carve a strong position in the food services market in the country.”
Jubilant FoodWorks Ltd, which is a master franchise holder of Domino’s Pizza and Dunkin’ Donuts brands in India, has exclusive rights to develop and operate Domino’s Pizza brand in Sri Lanka, Bangladesh and Nepal as well.
Golden Harvest QSR Ltd is a part of Golden Harvest Group of Bangladesh which is a diversified conglomerate and has interests in various sectors such as food, commodities, IT, logistics, real estate, dairy and insurance.
Jubilant shares were trading at Rs 2,022, up 1.02% from the previous closing of Rs 2,001.50, on BSE at 2.32 pm today.