Atulya Mittal, a nephew of steel tycoon Lakshmi Mittal, has joined hands with Thai billionaire Fred Mouawad to piece together India’s third largest pizza chain —after Domino’s and Pizza Hut —under the brand Papa John’s. The partnership will see Mouawad’s Pizza Corner, India’s first pizza chain based in Bangalore, merge into Mittal’s Om Pizza & Eats, which holds the master franchise for USbased Papa John’s in India. Pizza Corner, India’s first pizza brand which operates close to 70 outlets, will cease to exist post the merger. The combined entity will have over 90 outlets mostly in western and southern India.
Mouawad, through his food and beverage retail arm Global Franchise Architects (GFA), will be the second largest shareholder in Om Pizza & Eats after the Mittal family. TVS Capital and the Jawad group of Bahrain will continue to hold a minority stake in merged entity.
The financial details of the transaction and shareholding structure of the combined entity could not be ascertained. GFA Global CEO Joseph Cherian will now head the merged entity and drive the growth of Papa John's in India. GFA India will continue to operate its other portfolio of fast food brands Donut Baker, Cream and Fudge, and Coffee World, which together have a 120 store footprint across the country .
The Mittal family, having sold their stake in Ispat Industries to JSW Steel in 2010, picked up controlling stake in Om Pizzas and Eats from TVS Capital last year.
Papa John’s immediately gets some scale in Chennai and Bangalore. All Pizza Corner stores will be re-branded by June next year. India’s organized fast food market is around $2.5 billion (Rs.15,500 crore) in size, of which the pizza segment accounts for Rs.2,300 crore, dishing out annual growth figures of 30%.
Mouawad, through his food and beverage retail arm Global Franchise Architects (GFA), will be the second largest shareholder in Om Pizza & Eats after the Mittal family. TVS Capital and the Jawad group of Bahrain will continue to hold a minority stake in merged entity.
The financial details of the transaction and shareholding structure of the combined entity could not be ascertained. GFA Global CEO Joseph Cherian will now head the merged entity and drive the growth of Papa John's in India. GFA India will continue to operate its other portfolio of fast food brands Donut Baker, Cream and Fudge, and Coffee World, which together have a 120 store footprint across the country .
The Mittal family, having sold their stake in Ispat Industries to JSW Steel in 2010, picked up controlling stake in Om Pizzas and Eats from TVS Capital last year.
Papa John’s immediately gets some scale in Chennai and Bangalore. All Pizza Corner stores will be re-branded by June next year. India’s organized fast food market is around $2.5 billion (Rs.15,500 crore) in size, of which the pizza segment accounts for Rs.2,300 crore, dishing out annual growth figures of 30%.
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