New Delhi, May 1: Quick service restaurant chain Subway today said it plans to operate 1,000 stores in India by 2015 through franchise route, which will entail an investment of USD 58 million (over Rs 300 crore).
The Connecticut-headquartered brand is present in 50 Indian cities with 263 franchisee-run restaurants across the country.
Commenting on the potential of the market, Subway President and Co-founder Fred DeLuca said: "India is a promising business destination with a young, educated population having growing disposable income."
Subway will continue to evolve and adapt its product offerings to suit the Indian taste and plans to grow here through franchise route, he said in a statement.
While the investment of USD 58 million (over Rs 300 crore) to set up the planned number of stores will be made by franchisees, Subway will invest in providing training and technical knowhow to its partners.
The brand is aiming to expand aggressively in tier-II and tier-III locations.
The planned expansion will generate employment opportunities for another 15,000 people, the statement said.
"The country will add about 497 million to its urban population from 2010 to 2050, as per United Nations' Revision of the World Urbanisation Prospects Report-2011," it said, adding that this indicates immense opportunity for the QSR segment in India
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