Hardcastle will continue to pay 4% royalty to McDonald's
Westlife Development is the parent company of Hardcastle Restaurants Pvt Ltd (HRPL), which operates 242 McDonald's restaurants across west and south markets.
Hardcastle Restaurants, the franchisee of McDonald's for South-West India operations, will continue to pay 4 per cent royalty to the American QSR operator till March 31, 2018.
"We hereby inform you that the company's wholly owned subsidiary, Hardcastle Restaurants has received intimation from McDonald's Corporation that the royalty payable in connection with its operations continues at 4 per cent until March 31, 2018," said Westlife Development in a regulatory filing.
Westlife Development is the parent company of Hardcastle Restaurants Pvt Ltd (HRPL), which operates 242 McDonald's restaurants across west and south markets.
HRPL was established as a joint venture with McDonald's Corporation, USA in 1995.
It is a master franchisee of McDonald's under an agreement signed in 2010.
The agreement grants HRPL rights and authority to provide initial capital for business with operational and technical business support from McDonald s Corporation.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)