Jubilant FoodWorks will set up a subsidiary that shall have the exclusive right to develop and operate Domino’s Pizza stores in Nepal
New Delhi: Food services company Jubilant Foodworks has received approval from its board to set up a subsidiary to run Domino’s Pizza business in Nepal, the company said on Monday.
The subsidiary will be set up under 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.
The company 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.
Recently, Jubilant FoodWorks reported a 9.76 per cent increase in its consolidated net profit at Rs 131.52 crore for the second quarter ended on September 30, 2022.
The company had posted a net profit of Rs 119.82 crore in the July-September quarter a year ago, Jubilant FoodWorks Ltd (JFL) said in a regulatory filing.
Its revenue from operations during the quarter under review was at Rs 1,301.48 crore, up 16.6 per cent, as against Rs 1,116.18 crore of the corresponding period a year ago. (Read more about it here)