US-based Yum! Restaurants said it will invest up to USD 150 million (about Rs 700 crore) in India to expand its food chains, including Pizza Hut and KFC, and plans to have 1,000 outlets by the end of the 2015.
The company is also looking to earn an annual revenue of USD 1 billion by 2015.
"Our vision, is to be the number 1 restaurant chain in India and we aim to have turnover of USD 1 billion by 2015 from the country. For this purpose, we will be investing up to USD 150 million over the next six years to expand our chain to 1,000 outlets, from existing 215," Yum! Restaurant Managing Director (Indian Subcontinent) Niren Chaudhary told reporters on the sidelines of the India Economic Summit here.
The investment will come from the company's internal accruals.
Yum! Restaurant currently operates around 150 Pizza Hut outlets and 65 KFC outlets across India.
"The eating out market in India is of around USD 64 billion, of which only 1 per cent is in the organised sector.
Therefore we see immense opportunity to grow in this market," he said.
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