Jubilant FoodWorks’ recent joint venture (JV) with Golden Harvest QSR to launch Domino’s Pizza in Bangladesh required the legal team involved to come up to speed on that jurisdiction’s exchange control laws.
Post-investment, Jubilant FoodWorks will have 51% of the shareholding, with the rest of the shares being held by Golden Harvest QSR.
AZB & Partners acted as lead counsel to Jubilant Foodworks. “Our role included drafting and negotiating definitive agreements, providing general corporate and transaction advisory,” AZB senior associate Anant Dang told India Business Law Journal.
“As part of the assignment we had to familiarize ourselves with Bangladesh exchange control laws from a foreign investor perspective since this is a regulated area and there is an exchange control regime that regulates even current account transactions between offshore and onshore entities,” added AZB partner Vinati Kastia. Associate Aprajita Kapoor assisted Kastia and Dang on the JV.
Jubilant FoodWorks has the exclusive rights for Domino’s Pizza in India, Bangladesh, Nepal and Sri Lanka. The company has 1,128 Domino’s Pizza restaurants across 265 Indian cities. Golden Harvest QSR is a part of Golden Harvest Group of Bangladesh, which has interests in various sectors such as food, commodities, IT, logistics, real estate, dairy and insurance.