Date:31/05/2006 URL: http://www.thehindubusinessline.com/2006/05/31/stories/2006053104000500.htm

Back Restaurant chain TGI Friday's plans expansion

Our Bureau

New Delhi , May 30

Restaurant chain TGI Friday's has picked up a 25.1 per cent stake in its Indian master franchisee firm, Bistro Hospitality (P) Ltd, for an undisclosed sum.

TGI Friday's, which is owned by a subsidiary of Carlson Restaurants Worldwide, has charted out expansion plans. Mr Richard Snead, President and CEO of Carlson Restaurants Worldwide, said: "Our purpose for investing is to create a catalyst for growth and our goal is to more than triple our investment and the number of restaurants in the next five years."

The company plans to open 25 restaurants in Chandigarh, Jaipur, Pune, Hyderabad, Chennai and Kolkata, besides Delhi and Mumbai at an estimated investment of Rs 100 crore.

"Each outlets costs us around Rs 2-4 crore depending on the location," Mr Rajan Jetley, Chairman Bistro Hospitality (P) Ltd, said.

The chain, including the upcoming project in Delhi, has six restaurants in the country so far.

However, in the long term, the company is looking to open nearly 60 restaurants in the country and is targeting an annual turnover of around Rs 100 crore from the current Rs 25 crore in the next five years.

Currently, for the US-based chain, the UK and Korea are the largest international markets and according to Mr Snead, the company wants to develop the Indian market to be one of its largest international businesses.