McDonald's lands in Kolkata

Food retailing major McDonald's opened its first restaurant at Kolkata's Park Street on Thursday.

"We are late but I assure you we will grow very fast. We are opening three more outlets during the current fiscal and 15 to 20 resturants in the eastern and north eastern region in the next three to five years," McDonald's India (North & East) JV Partner and Managing Director Vikram Bakshi said.

The burger major said it would invest Rs 100 crore (Rs 1 billion) during the period toward opening of restaurants, expansion of the brand and introduction of new formats and back-end

operations.

Bakshi, who shied away from divulging the turnover was optimistic of doubling turnover in three year's time. In the east, company officials believed it would breakeven once it has 12 to 15 restaurants in place.

McDonald's was adopting a cluster approach in identifying key locations in a radius of 500-700 kms. The company also aimed to infuse Rs 400 crore (Rs 4 billion) over the next three years to chart out a national growth plan.

McDonald's currently has 108 restaurants in India out of which 63 are in North India and rest 45 in west and south India.