Asia’s richest man has agreed to open Indian outlets for Pret A Manger, a British sandwich and coffee chain.
Under a franchise agreement, the chain will be managed by a unit of multi-billionaire Mukesh Amanbani’s Reliance Industries.
Reliance Brands’ first venture into India’s expanding food and drink industry is this.
Mumbai’s first outlet will open in the early part of next year.
Darshan Mehta (Managing Director of Reliance Brands) stated in a statement that “our partnership with Pret is grounded in the strong growth potential both Pret as brand… and of the Indian food & drink industry in India.”
Pano Christou, chief executive of Pret A Manger, said that “we’re looking forwards to working with them to create what is our most ambitious worldwide franchise partnership to date.”
Pret A Manger (which means “ready-to-eat” in French) was established in London in 1983. The first shop opened the next year.
Sinclair Beecham, a college friend, purchased the brand and opened their first store in 1986.
The brand has currently 550 outlets in nine markets, including the UK, US and Europe.
Reliance Industries signed a franchise agreement last year with 7-Eleven, a US-based convenience store chain.
This deal has helped cement the company’s position in India as India’s largest bricks & mortar retailer.
Forbes magazine reports that Mr Ambani’s personal fortune is $95bn (PS78.2bn).
The late Dhirubhai Ambani, a 65-year-old textile manufacturer, founded the company that would become Reliance Industries.
It is one of India’s largest conglomerates, with businesses such as petrochemicals and oil and gas.
Reliance Industries’ chairman is Mr Ambani. The company is owned by the Ambani family, who own 49%.
The family also has assets in the UK that are worth tens to millions of dollars.
Reliance Brands Limited, owned by Mr Ambani and the toy retailer Hamleys, was purchased for an undisclosed amount in 2019.
Reliance Industries purchased Stoke Park, a historic British country club, last year for PS57m.
