Restaurant Brands Asia Limited (RBA), the operator of Burger King in India and Burger King and Popeyes in Indonesia, has announced the completion of the transaction under which Inspira Global has acquired control of the company. According to RBA's official release, the transaction has been completed following the conclusion of the mandatory open offer, receipt of requisite regulatory approvals and fulfilment of customary closing conditions. This marks the successful completion of one of the largest transactions in the Indian quick-service restaurant segment with a total investment of ₹2,235 crore.
Following the transaction completion, Inspira Global owns 41.78 per cent of the company. As reported by RBA, upon exercising all warrants, Inspira Global's total aggregate shareholding in the company would increase to 48.04 per cent by infusing a further ₹450 crore into the company. The acquisition was executed through Lenexis Foodworks, Inspira's food and beverage arm, which operates quick-service restaurant brands including Chinese Wok, Big Bowl and The Momo Co.
The board has approved significant leadership appointments as part of the transaction. According to RBA's release, Madhusudan Agrawal has been appointed as chairman of the board, while Aayush Agrawal has been appointed as a non-executive director. Inspira Global is owned by Aayush Madhusudan Agrawal and Madhusudan Agrawal of the Ajanta Pharma promoter family. The acquisition targets Restaurant Brands Asia, which operates the quick-service restaurant chain in India.
The acquisition gives Inspira Global control of a business whose operating performance improved significantly over the past year. Restaurant Brands Asia's consolidated revenue rose 10.7% year-on-year to ₹2,823 crore in FY26. In India, Burger King's revenue increased 15.4% to ₹2,272 crore as the chain added 68 net restaurants, ending the year with 581 outlets. Same-store sales growth was 4% for the year, while fourth-quarter same-store sales growth accelerated to 6.3%, the highest in the past 12 quarters, driven by value offerings and menu innovation. The company's consolidated net loss narrowed to ₹129 crore in FY26 from about ₹277 crore a year earlier as profitability improved in India, though Indonesia operations continued to weigh on earnings.
The transaction comes as India's organized restaurant industry enters a fresh phase of consolidation, with operators seeking scale to offset slowing same-store sales growth, subdued discretionary spending, rising rentals, wage inflation and higher operating costs following recent disruption in liquid petroleum gas supplies during the US-Iran conflict. The acquisition follows the proposed merger of Devyani International Ltd and Sapphire Foods India Ltd, announced earlier this year, which will create India's largest listed QSR operator with more than 3,000 restaurants and annual revenue of nearly ₹8,000 crore. While that combination is larger by store count and revenue, Inspira Global's investment in Restaurant Brands Asia ranks among the sector's largest control transactions, highlighting the industry's accelerating consolidation.
