Headquartered in Louisville, Kentucky, Papa John’s International, Inc. announced the acquisition of Pizza Corner stores in South India. This merger will significantly expand Papa John’s presence by a minimum of 40 stores with conversions beginning in late 2014 and continuing into 2015, reports restaurantnewsresource.com.
The Quick Service Restaurant segment in India is a $2.5 billion industry, accounting for 43 percent of the overall Food Services business in India and growing at a rate of approximately 25 percent; it’s the fastest growing segment within the food industry.
Joseph Cherian, CEO of GFA Global, of which Pizza Corner is a part, said, “This consolidation is a unique opportunity for Papa John’s to take a major pie in the market share in the Indian pizza segment. Owing to a majority of younger population under 30 with a liking for international food gives us the right opportunity to address the need gap for true international brands.”