Restaurant Brands Asia Ltd. (RBA), the master franchisee of Burger King® in India and Burger King® and Popeyes® in Indonesia, has announced a change in control with Inspira Global, promoted by Aayush Madhusudan Agrawal, set to acquire a controlling stake in the company. The acquisition will be carried out at ₹70 per share, representing an approximate 10% premium to RBA’s closing market price, underscoring Inspira Global’s long-term growth commitment to the business.
The definitive agreements have been entered into between RBA, Inspira Global, and the existing promoter QSR Asia Pte. Ltd., which is majority owned by Everstone Capital. The proposed transaction will result in the complete exit of QSR Asia from Restaurant Brands Asia, aligning with Everstone’s planned investment lifecycle.
The acquisition will be executed primarily through Lenexis Foodworks Private Limited, the food and beverage arm of Inspira Global. Lenexis Foodworks brings over a decade of operating experience in the Indian QSR segment and currently owns and operates more than 250 Chinese Wok restaurants across over 45 cities in the country.
As part of the transaction structure, Inspira Global will acquire the entire 11.26% stake held by QSR Asia Pte. Ltd. for approximately ₹460 crore. In addition, Inspira Global has proposed a fresh capital infusion of around ₹900 crore through a preferential allotment of equity shares, along with approximately ₹600 crore via preferential allotment of warrants. These investments will trigger a mandatory open offer to the public shareholders of Restaurant Brands Asia in accordance with SEBI Takeover Regulations.
The transaction remains subject to customary conditions precedent, including shareholder approvals and regulatory clearances, notably from the Competition Commission of India.
Commenting on the development, Rajeev Varman, Whole-time Director and Group CEO of Restaurant Brands Asia, stated that the company looks forward to welcoming Inspira Global as its new promoter. He highlighted Inspira’s strong track record in value creation, long-term capital orientation, and strategic alignment as key enablers for RBA’s next phase of growth, while confirming that the company’s existing leadership, operational structure, and brand identity will remain unchanged.
Aayush Madhusudan Agrawal described the acquisition as a long-term value creation opportunity, emphasising Inspira Global’s focus on sustainable growth, operational excellence, and disciplined capital deployment. He noted that the investment further strengthens Inspira Global’s presence in India’s high-growth QSR segment and reflects its commitment to building consumer-facing brands with enduring market potential.
Rafael Odorizzi, President Asia-Pacific at Restaurant Brands International, which owns the Burger King® and Popeyes® brands, welcomed Inspira Global’s investment and expressed confidence that the partnership would build upon the strong operational foundation established by the existing management team.
Reflecting on Everstone’s journey with Burger King in India, Sameer Sain, Co-Founder and Group CEO of Everstone Group, noted that since opening the first Burger King outlet in India 12 years ago, the brand has grown to over 575 restaurants nationwide. He stated that the business is well positioned for its next phase of expansion under a new promoter with a clear long-term vision.
The transaction was advised by Bathiya Advisors, while Motilal Oswal Investment Advisors Limited has been appointed as the manager to the open offer.