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Biz News Korea(Eng)
Korea’s pizza house Mr. Pizza enters India in JV
- Collected
- 2016.12.07
- Distributed
- 2016.12.09
- Source
- Go Direct
MPK Group Chairman Jung Woo-hyun (second from left) and Café Buddy’s Chairman P.K. Gupta (on right) pose for a picture with other officials after signing a joint venture agreement at the Korea Trade-Investment Promotion Agency (KOTRA) building in southern Seoul Tuesday.
MPK Group, the operator of the pizza house, said Tuesday it will form a joint venture (JV) with Café Buddy’s, Indian café-cum-fast food chain, for pizza franchise business starting early half next year. MPK Group Chairman Jung Woo-hyun struck a contract with Café Buddy’s Chairman P.K. Gupta Tuesday at the Korea Trade Investment Promotion Agency (KOTRA) in southern Seoul.
Under the deal, the two will set up a joint entity in India at a cost of around 2.3 billion won ($1.96 million) with MPK Group holding a 49 percent stake and Café Buddy’s a 51 percent stake each.
The first store will be open in New Delhi in the first half of 2017, and four more additions are planned in the Indian capital by the end of next year. From 2018, MPK plans delivery and brick-and-mortar services catered for each different region.
Mr. Pizza will stick to its 300-percent corporate principle in the Indian market, which refers to 100% freshly-prepared dough instead of frozen dough, 100% full-hearted topping and 100% grill-baked pizza is without a single drop of oil. The 300% concept adds a chewy texture of an oil-free, wholesome pizza, allowing a diverse variety in pizza crusts, ingredients, and flavors. MPK Group plans to run up to 100 outlets in India by 2020.
Jung hopes its Indian entry would lead up to foray into the Middle Eastern market.
The pizza name’s latest global outreach follows a series of settlements in China, the Philippines and Thailand.
By Lee Hee-soo
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