Food service retailer McDonald's said on Wednesday that it would open 14 restaurants this year with an investment of Rs 40 crore (Rs 400 million) and enter two more cities.
"We will be opening 14 restaurants this year which will entail an investment of Rs 40 crore. We will also foray into two new cities," McDonald's India managing director Vikram Bakshi told PTI.
The Rs 40 crore investment would be a combination of debt and equity, he said.
Out of the 14 food outlets, two were about to be completed, Bakshi said.
At present, McDonald's has 56 outlets in 10 cities.
McDonald's India is being managed by two joint venture partners. In northern India, it is run by Vikram Bakshi while Amit Jaita is the managing director for the Western region.
In 1996, the company opened its first restaurant in Delhi.
Asked whether McDonald's would drop prices as many of its competitors have slashed prices, Bakshi said, "We do not need to. As far as pricing strategy is concerned, we have led the industry".
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