Everstone Capital plans to sell its entire 11.26% stake in Burger King’s India and Indonesia operator Restaurant Brands Asia Ltd., underscoring fast-food churn in the world’s most populous country.
A deal is likely to be announced on Tuesday, 20 January 2026, two people with direct knowledge of the matter told Reuters. Restaurant Brands Asia told the stock exchanges last week that it planned to hold a board meeting on Tuesday to “consider and evaluate raising of funds”.
As part of the deal, Restaurant Brands Asia will get a new strategic investor—the family office of Ajanta Pharma Ltd. which operates restaurants such as Chinese Wok and Big Bowl under Lenexis FoodWorks. The Ajanta family can inject up to ₹800 crore in Restaurants Brands Asia, the sources said.
It was not immediately clear what stake Ajanta would take Restaurant Brands Aisa, but sources told Reuters said it was considering taking up a majority stake in due course as other shareholders sell out.
Everstone Capital’s stake, through its investment vehicle QSR Asia Pte Ltd., is valued at $57 million (~ ₹5,000 crore), according to Refinitiv data. Restaurant Brands Asia has a market capitalisation of $437 million (~ ₹40,0000 crore).
Everstone and Restaurant Brands Asia did not comment for this story. Ajanta Pharma family office did not respond to a request for comment.
Yum! Deal
Everstone Capital is tipped to exit Restaurants Brands Asia at a time when the latter’s two larger peers are merging.
India’s KFC and Pizza Hut operators Sapphire Foods India Ltd. and Devyani International Ltd. are coming together in a $934-million deal, creating a fast-food powerhouse in the world’s most populous country.
That merger itself comes as India’s so-called quick-service restaurants grapple with higher cost and and slowing same-store sales and margin pressure.
On Monday, Restaurant Brand Asia shares fell 1.81% to ₹66.72 apiece on the BSE even as the benchmark Sensex ended the day 0.39% lower at 83,246.18 points. Ajanta Pharma fell 0.54% to ₹2,666.00.
