Jubilant FoodWorks Limited (JFL) is planning to invest Rs.5-6 crore in setting up a 100 per cent subsidiary in Sri Lanka by the end of the current fiscal. The move follows the decision of its sub-franchisee in Sri Lanka to shut the five stores it operated.
“Sri Lanka is a viable market for us. The country’s economy is growing and we are upbeat about the market. As our Sri Lankan franchisee has decided to shut down the stores, we have an opportunity to venture directly into Sri Lanka,” said Ajay Kaul, CEO, Jubilant FoodWorks Limited.
The company, Kaul said, was also planning to expand in Bangladesh. “The first store in Bangladesh will roll out in the next fiscal,” he added.
On the company’s plans to bring more international brands to India, Kaul said, “We are in discussion with a handful of brands. In fact, to bring more international brands in the country, we changed our name from Domino’s Pizza India Limited to Jubilant FoodWorks Limited early this year… we have also gone public.” Domino’s will open 70 new stores in India this fiscal.
JFL is primarily a food-service company and currently operates Domino’s Pizza outlets in India. Incorporated in 1995, the company focusses on the home delivery and takeaway business model.
JFL has a master franchise agreement with Domino’s Pizza International, which provides it with the exclusive right to develop and operate Domino’s Pizza delivery stores and the associated trademarks in the operation of stores in India, Nepal, Bangladesh and Sri Lanka.