By Michael Elkins
Papa John's (NASDAQ:PZZA) announced Tuesday that the pizza restaurant chain is expanding its partnership with PJP Investments Group to open 650 restaurants in India by 2033. The first of which is scheduled to open in Bangalore in 2024.
India is an attractive market for Papa John's, given the country's significant size, as well as the burgeoning income and rising aspirations of its middle class.
"Papa John's global momentum continues, in partnership with seasoned, successful restaurant operators like PJP Investments," said Amanda Clark, Papa John's Chief International and Development Officer. "PJP Investments first partnered with Papa John's to expand into the UAE in 2005. We are excited that their commitment to flawless execution of Papa John's high standards is now being brought to India."
PJP Investments Group currently operates more than 100 Papa John's restaurants across the UAE, Saudi Arabia, and Jordan, with aspirations to operate nearly 1,000 Papa John's restaurants within the next 10 years. PJP, led by CEO Tapan Vaidya, is among the first of Papa John's international franchisees to adopt a new, more modern design for international restaurants that is elevating the Papa John's experience around the globe.
"We are excited to bring the BETTER INGREDIENTS. BETTER PIZZA. Promise of Papa John's to pizza lovers in India," Vaidya said. "Building on the success of our partnership with Papa John's in the Middle East, this expansion of the renowned brand in South Asia will introduce an enormous new customer base to the superior quality pizza that can come only from high-quality ingredients and our fresh, never-frozen original dough."
Shares of PZZA are down 1.18% in mid-day trading on Tuesday.