Famous Brands: Operations in India canned

FAST food group Famous Brands has pulled out of India two years after re-entering the world’s second most populous nation, it said yesterday. Though looking to expand outside its domestic market as South African consumers continue to be squeezed by high unemployment and sharply rising electricity costs, Famous Brands said it had committed extensive resources to evaluate the company’s performance in India before deciding to pull out. The company, which also has operations in Britain, the Middle East and 16 countries in the rest of Africa, reported a 15 percent rise in headline earnings per share to 467c in the year to February 28. The owner of brands such as Steers, Wimpy and Mugg & Bean, re-entered the Indian market in 2013 after opening and closing a pizza restaurant near Delhi in 2003. Shares in Famous Brands eased 1.34 percent to close at R114.30 on the JSE yesterday. – Reuters