Jubilant FoodWorks, the operator of Domino’s Pizza in India, has categorically refuted media reports that the company was in the running to acquire a stake in Restaurant Brands Asia, the owner of Burger King India.

What Happened? Jubilant said in a regulatory filing late on Thursday that it “strongly refutes” any speculation about its intent to buy a stake in the operator of the quick-service restaurant chain.

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Media reports on Thursday suggested that Jubilant and a private equity consortium of Advent International and General Atlantic as frontrunners to buy Everstone Capital’s stake in Restaurant Brands Asia.

Everstone has been reportedly looking to offload its 40.9% share in the lossmaking business since last year.

Price Action: Restaurant Brands Asia’s share price is down 2.3% at ₹119.70 in early trade, while Jubilant’s share price dropped 1.3% to ₹468.55.

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