Ajanta Pharma Promoters Eye Strategic Entry Into Burger King India as Everstone Plans Stake Sale

As per a Reuters report, Everstone Capital is preparing to exit its investment in Restaurant Brands Asia Ltd (RBA), the master franchisee of Burger King in India and Indonesia with plans to sell its entire 11.26% holding. The stake is valued at around $57 million based on Refinitiv data and an announcement is expected as early as Tuesday.

The proposed transaction is likely to usher in a new strategic shareholder, with the family office of Ajanta Pharma’s promoters emerging as the frontrunner. The Ajanta family office is understood to be evaluating an investment of up to ₹800 crore (approximately $88 million) into Restaurant Brands Asia. People familiar with the matter said the investment could be structured to allow a gradual increase in shareholding, potentially leading to majority ownership over time as other investors pare their stakes.

Restaurant Brands Asia has scheduled a board meeting for January 20 to consider and evaluate fundraising proposals, as disclosed in filings with Indian stock exchanges. Everstone Capital, Restaurant Brands Asia and the Ajanta family office have not commented on the development.

With a current market capitalisation of about $437 million, Restaurant Brands Asia operates in a fast-evolving quick-service restaurant (QSR) landscape in India, where consolidation, capital infusions and changes in ownership are becoming more common. Everstone’s exit reflects this broader trend, as private equity investors reassess portfolios amid rising competition and the need for scale.

Should the Ajanta promoters’ family office move ahead with a significant investment and eventually assume control, it would signal a shift from private equity-led ownership to promoter-driven strategic control an increasingly visible pattern as domestic capital flows into consumer-focused businesses. For Restaurant Brands Asia, the potential infusion of fresh capital could support outlet expansion, strengthen its footprint and sharpen competition with larger listed QSR operators.

The development also mirrors wider sector activity with peers such as Sapphire Foods and Devyani International exploring mergers, acquisitions and fundraising to reinforce their positions in India’s rapidly growing fast-food market. Market participants will be closely watching the outcome of the January 20 board meeting for details on the fundraising structure, the terms of Everstone’s exit and the Ajanta family office’s long-term strategy.