Westlife Dev proposes to merge Hardcastle Rest. as a direct subsidiary!

Westlife Development Limited, a company listed on the Bombay Stock Exchange (BSE : 505533), today announced that a scheme of arrangement is proposed for consolidation of some of its group companies. As a result of the proposed consolidation, Hardcastle Restaurants Private Limited (HRPL), a Master Franchisee for west & south India operations of McDonald’s Restaurants, will become a direct subsidiary of Westlife Development Limited (WDL).

Through this move, the B.L. Jatia group proposes to consolidate HRPL (through its majority shareholder, Triple ‘A’ Foods), and Westpoint Leisureparks Pvt. Ltd (majority shareholder of Triple A Foods) under Westlife Development Limited. The B.L. Jatia family holds majority ownership directly and indirectly in all these companies.

Commenting on the merger, Amit Jatia, Vice-Chairman of Westlife Development Limited said, “The consolidation of our companies under Westlife Development opens up options for us to accelerate our growth plans for expanding McDonald’s restaurants in west and south India. The consolidation will also open up opportunities for the India market to invest in the growth of the McDonald’s Franchisee, HRPL, through Westlife Development.”

CONSOLIDATED WESTLIFE DEVELOPMENT FINANCIAL PERFORMANCE UPDATE FOR FINANCIAL YEAR 2011-12 ENDING MARCH 31, 2012:

• Consolidated revenue at  5474.12mn
• EBIDTA at 686.33mn
• Net profits (Before adjusting minority interest) at 422.75mn
• Net profits (After adjusting minority interest) at 313.95mn

Westlife Development Ltd recorded a net profit of 313.95 million, riding on the strong performance of its subsidiary, HRPL. Total revenues for the consolidated company stood at 5474.12 million while EBIDTA stood at  686.33 million.