Atulya Mittal to buy Pizza Corner

Pizza Corner operates 70 outlets across the four southern states and around 75 percent of Pizza Corner outlets are company owned, while the remaining were being operated under the franchise route.

Atulya Mittal, the Ispat industries scion is planning to buy Pizza Corner, India’s first pizza chain, stated a report in ET.

Atulya Mittal also runs Papa John's Pizza in India which has 20 outlets across the country.

Pizza Corner, owned by Bangkok-based billionaire Fred Mouawad, entered India in 1996.

The Pizza chain is part of Mouawad's Global Franchise Architects (GFA), which owns and operates other fast food brands in the country such as Donut Baker, Cream and Fudge, and Coffee World.

The discussions between Atulya and GFA were at an advanced stage, said sources close to the agreement. The deal may be structured as a merger of the Pizza Corner operations with Papa John's through a combination of cash payout and share swap, leaving Mouawad with an attractive monetizing plan.

Pizza Corner operates 70 outlets across the four southern states and around 75 percent of Pizza Corner outlets are company owned, while the remaining were being operated under the franchise route.

The Mittal family last year acquired Om Pizzas and Eats, a master franchisor of Papa John's in India, from TVS Capital, which continues to hold a minority stake.