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Everstone Group names Ajay Kaul to lead its fast food business

LiveMint logoLiveMint 22-08-2017 Sneh Susmit

Mumbai: Private equity firm Everstone Group on Tuesday named food and beverage industry veteran Ajay Kaul as senior director to lead F&B Asia Ventures Ltd, its quick service restaurant (QSR) business.

Ajay, an alumnus of IIT-Delhi and XLRI Jamshedpur, has spent more than a decade in the food and beverage industry.

He will also serve as executive chairman on the board of F&B Asia’s investments in Indonesia.

F&B Asia’s popular brands include Burger King in India and Indonesia, and Domino’s Indonesia operations.

Other brands under its umbrella are Masala Library, Farzi Café, Pa Pa Ya, Masala Bar, Harry’s, Pind Balluchi and Duck & Rice.

As former chief executive officer (CEO) of Jubilant FoodWorks Ltd, which operates Domino’s Pizza and Dunkin’ Donuts in India, Kaul helped make the Indian operations of Domino’s the largest market for the pizza chain outside of the US, Everstone said in a statement.

Kaul, who has nearly 28 years of overall work experience, has also served at American Express and TNT India and Indonesia, where he headed sales and marketing operations. At Everstone, Kaul will administer QSR investments of F&B Asia.

Kaul’s experience in the food and beverage industry will be greatly beneficial as F&B Asia targets higher and sustained growth in its QSR businesses in Indonesia, said Philip Walters, executive chairman, F&B Asia.

F&B Asia is an investment vehicle owned and managed by Everstone Group to build a food and beverage services platform across Asia.

According to the company statement, F&B Asia plans to grow Domino’s Indonesia and Burger King’s Indonesia and India operations by adding 30-50 stores each year.

Currently, Burger King Indonesia has 70 stores while Domino’s Indonesia has around 130 stores.

The Everstone Group is a premier India and South-east Asia focused private equity and real estate investment firm with assets under management of approximately $4 billion.

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