Pollo Tropical, a part of
Fiesta Restaurant Group Inc.
(
FRGI
), signed its first development deal with franchisee Paramount
Cuisines Pvt. Ltd, a subsidiary of the Paramount Group.
As per the deal, Delhi-based Paramount Cuisines will unveil at
least 10 locations in India between 2013 and 2016. The outlets will
be in Northern India comprising several important locations like
Delhi, Punjab, Chandigarh, Haryana and Uttar Pradesh. The terms of
the deal were not disclosed.
Both Pollo Tropical and Paramount believe that its chicken
options will complement the Indian taste buds. Additionally, the
restaurateur's already strong vegetarian offerings can successfully
cater to the huge vegetarian population of India.
The latest alliance underscores management's intent to make
India one of the prime markets for international expansion,
considering the promising economic growth and under-penetration of
quick-service restaurants in that country.
Pollo Tropical's grilled chicken is presently available in the
Latin American and Caribbean region apart from 90 locations in the
domestic markets of Florida and Georgia. This Florida-based company
has more than 30 overseas franchised locations in Puerto Rico, the
Bahamas, Ecuador, Honduras, Panama, Trinidad, Venezuela, and Costa
Rica. It is also in process to open in Guatemala, Aruba, Bonaire,
and Curaçao.
According to a report by the U.S. Commercial Service, the middle
income population in India is burgeoning and will grow 10 times by
2025. Growing income for the larger populace also makes India a
lucrative investment proposition. Furthermore, the report reveals
that the country's capital, Delhi, is expected to be one of the
world's largest metropolises by 2025 following the rapid
urbanization.
With more than 50 shopping malls already in action and dozens
under construction, Delhi remains one of the vital locations to the
Indian consumers. However, the Indian market is not free from
competition. Following the growing demand for American dining
brands, several U.S. restaurateurs like KFC of
Yum! Brands Inc.
(
YUM
) and
McDonald's Inc.
(
MCD
) are currently gaining traction in the chicken category with a
much wider scale of operation.
(FRGI): ETF Research Reports
MCDONALDS CORP (MCD): Free Stock Analysis
Report
YUM! BRANDS INC (YUM): Free Stock Analysis
Report
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