Now with a global food chain coming to Nepal as the country saw a fall of communism as Nepal’s Supreme Court, in its historic verdict in early July 2021, appointed Sher Bahadur Deuba, who leads the Nepali Congress Party, as the Prime Minister of the country and reconstituted the Parliament that was dissolved by Nepal–Unified Marxist-Leninist (CPN-UML) party’s KP Sharma Oli, the first elected prime minister under the new constitution, in May this 2021.
Jubilant Foodworks, has received board approval to set up a subsidiary to run Domino's Pizza business in Nepal. The shares of Jubilant Foodworks rose over a percent today (Nov 22) after the announcement.
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Shares of Jubilant Foodworks are trading at Rs 543, up by 1.32 percent from the previous close on the BSE.
The subsidiary in Nepal will be run by Jubilant FoodWorks International Luxembourg.
"The Board of Directors of Jubilant FoodWorks International Luxembourg, a step down wholly owned subsidiary of the Company on November 21, 2022, has inter-alia approved the incorporation of a wholly owned subsidiary company in Nepal," the company said in a regulatory filing.
With Domino’s Pizza coming to Nepal it adds up to the global food chains in the country. Nepal currently has outlets from KFC and PizzaHut, which were opened in 2009. KFC currently has 13 outlets in Nepal while Pizza Hut has four in the country.
Jubilant Foodworks has not yet decided on the name of the subsidiary.
"Nepal Subsidiary shall have the exclusive right to develop and operate Domino's Pizza stores in the territory of Nepal," the filing said.
Now with a global food chain coming to Nepal as the country saw a fall of communism as Nepal’s Supreme Court, in its historic verdict in early July 2021, appointed Sher Bahadur Deuba, who leads the Nepali Congress Party, as the
Prime Minister of the country and reconstituted the Parliament that was dissolved by Nepal–Unified Marxist-Leninist (CPN-UML) party’s KP Sharma Oli, the first elected prime minister under the new constitution, in May this 2021.
The establishment of the global food chain in Nepal is very similar to the historic event of January 31, 1990, when the global food chain McDonald's opened its first restaurant in Russia, which symbolized the collapse of the Soviet Union and marked a new era of westernization in Russian history.
Jubilant Foodworks has also been on an expansion spree. In the July-September quarter, the company opened 76 new Domino's stores in India and reached 22 new cities. The net store addition and city expansion have been the highest ever for the company over the last 12 months.
Overall, Jubilant now has 1,701 stores of Domino's across India and is present across 371 cities. It also opened two new Popeyes stores and one new store for Dunkin' Donuts.
On the global front, despite the political instability and economic crisis in Sri Lanka, Jubilant's business within the country saw system sales growth of 37 percent during the quarter. It also opened four new stores during the period, taking the overall store count in the country to 40.
For Bangladesh, system sales increased 42 percent from last year. The company opened one new outlet during the quarter in the country, taking the total store count to 11.
(Edited by : Abhishek Jha)
First Published: IST