Everstone enters into franchise pact with QSR chain Subway for South Asia

US-headquartered QSR restaurant chain Subway has appointed private equity firm Everstone Group as the master franchisee for India, Sri Lanka and Bangladesh. The agreement is part of its multi-year transformation strategy focusing on global expansion. More than 2,000 new restaurants will be opened across India, Sri Lanka and Bangladesh in the next 10 years under the new agreement. In India, so far, Subway restaurants were operated by multiple regional master franchises and sub-franchises. Everstone Group is also the master franchisee of Burger King in India besides having other investments in the QSR space in South Asia.