It was sold by Bistro Hospitality and TGI Fridays which held 75% and 25% stakes, respectively.
Singapore-based Universal Success Enterprises has acquired TGI Fridays’ India from Bistro Hospitality and TGI Fridays Inc for an undisclosed amount, The Economic Times reported.
The India operations of the American fast-casual chain started when Bistro Hospitality and TGI Fridays Inc formed a JV unit with 75% and 25% stakes, respectively. Universal Success Enterprises owns Outback Steakhouse in Singapore, the Philippines and Malaysia.
The move follows months after Bistro Hospitality had reportedly cut its stake and increased private equity funding in the chain last December 2018 to fuel its expansion across India.
Do you know more about this story? Contact us anonymously through this link.