McDonald's gets FIPB nod to infuse Rs 9 cr into India

UNITED NEWS OF INDIA

New Delhi, Aug 19: McDonald's Corporation has received the Foreign Investment Promotion Board (FIPB) approval for infusing Rs 9 crore into its Indian operations for expanding presence here by setting up a chain of restaurants across the country. The FIPB, earlier this week, also permitted the company to set up a separate wholly-owned subsidiary for operating a chain of restaurants in the country, sources in the industry ministry said. However, company officials were not available for comment.

The company had recently reorganised its Indian operations under which McDonald's had transferred all is operating responsibilities from its existing wholly-owned subsidiary - McDonald's India Development Company (MIDC) -- to its joint ventures -- Connaught Plaza Restaurants Pvt Ltd in Delhi and Hard Castle Restaurants Pvt Ltd in Mumbai.

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