MIAMI (AP) — Burger King is entering a joint venture with private equity and real estate firm Everstone Group to bring its restaurants to India.
The hamburger chain, which was founded in 1954, has more than 13,000 restaurants in 91 countries and territories globally. About 99 percent of the Miami company's restaurants are owned and run by independent franchisees.
Burger King Worldwide Inc. said Tuesday that Everstone — which already has a presence in India and Southeast Asia — will work with one of its subsidiaries to establish a supply chain in India and come up with a plan to create its restaurants across the country.
The agreement makes Everstone the master franchisee for India.
Burger King's stock added 5 cents to $20.36 in morning trading. Its shares are up more than 23 percent so far this year.