Restaurant Brands Asia Limited (RBA), the master franchisee of Burger King in Indiaand Burger King and Popeyes in Indonesia, today announced that it has entered into definitive agreements under which Inspira Global, promoted by Aayush Madhusudan Agrawal, will acquire a controlling stake in the company, subject to regulatory and shareholder approvals. The transaction will be executed at ₹70 per share, representing an approximate 10% premium to the prevailing market price.
As part of the transaction, QSR Asia Pte. Ltd., the existing promoter of RBA and majority owned by Everstone Capital, will make a complete exit in line with its planned investment lifecycle.
The acquisition will be undertaken through Lenexis Foodworks Private Limited, Inspira Global’s food and beverage platform, which brings over a decade of experience in the quick service restaurant (QSR) segment and operates more than 250 Chinese Wok outlets across 45+ cities in India. Inspira Global will acquire QSR Asia’s entire 11.26% stake in RBA for approximately ₹460 crore, and additionally proposes to invest around ₹900 crore through a preferential allotment of equity shares and ₹600 crore through the preferential allotment of warrants. These investments will trigger a mandatory open offer to public shareholders in accordance with SEBI Takeover Regulations.
The proposed transaction is subject to customary conditions precedent, including approvals from shareholders and regulatory authorities such as the Competition Commission of India (CCI).
Commenting on the development, Rajeev Varman, Whole-time Director and Group Chief Executive Officer, Restaurant Brands Asia, said,
“We are delighted to welcome Aayush Agrawal and Inspira Global as our new promoter. Their strong track record of value creation, long-term capital commitment, and strategic alignment will support RBA’s continued growth journey. The company will continue to operate with its existing leadership team, operational structure, and brand identity fully intact as we remain focused on executing our growth plans.”
Aayush Madhusudan Agrawal, Inspira Global, added, “We deeply admire the work done by the RBA team in building a strong platform over the years. This acquisition represents a long-term value creation opportunity driven by sustainable growth and unlocking the full potential of the market. We look forward to partnering with the existing management team and further strengthening Inspira Global’s presence in the high-growth QSR sector, guided by our focus on brand stewardship, operational excellence, and disciplined capital deployment.”
Rafael Odorizzi, President Asia-Pacific, Restaurant Brands International, owner of the Burger King and Popeyes brands, said,
“We welcome Inspira Global’s significant investment in RBA and look forward to working with them as long-term partners. Building on the strong operational foundation created by the current management team, this partnership has the potential to take the business to new heights.”
Reflecting on Everstone’s journey with the brand, Sameer Sain, Co-Founder & Group CEO, Everstone Group, said, “We launched Burger King in India 12 years ago with the ambition to build a marquee QSR brand. Today, with more than 575 outlets, the business is well positioned for its next phase of growth. As we conclude our journey, we are pleased to pass the baton to a new promoter with a clear vision and deep commitment to the business.”
The transaction was advised by Bathiya Advisors, with Motilal Oswal Investment Advisors Limited acting as the manager to the open offer.
